Understanding the proper procedure of how to dissolve an LLC in NJ is crucial. Besides avoiding penalties in the future, proper dissolution will allow you to form another venture confidently.
Costs to Dissolve an LLC
It will cost $120 to dissolve a New Jersey Corporation. This includes the $95 dissolution filing fee and the $25 tax clearance fee.
The total cost to dissolve a New Jersey LLC varies. We charge $224.00 plus any state fees for our New Jersey LLC Dissolution services.
The fee for filing a certificate of dissolution and termination in New Jersey is $125. If you have no plans to operate your New Jersey LLC in the future, you should dissolve the LLC. However, you’ll still be responsible for annual reporting and fee requirements if you don’t.
For domestic LLCs, the processing fee is $100, and for foreign LLCs, it is $125. Additional payments may incur if the procedure of dissolving your corporation went through a top-quality registered agent service provider.
Steps for Dissolution
- File the closure of your business.
- Obtain a tax clearance certificate, requiring that your LLC be in good standing with the New Jersey Division of Revenue.
The next step is to hold a vote to dissolve the LLC. Most states, including NJ, will require the permission of all LLC members.
Once you have permission, prepare and file the necessary legal paperwork. NJ allows you to dissolve your LLC online and through the designated portal.
The time it takes to dissolve a New Jersey LLC depends on how long it takes to complete the required actions – holding meetings, closing accounts, distributing assets, etc. Once the actions are completed, the New Jersey Department of Treasury usually takes around 3-5 business days to process the Certificate of Cancellation.
In conclusion, the cost to dissolve an LLC in New Jersey can vary depending on a range of factors, including legal fees, accounting services, filing fees, settlement of debt, and contract obligations. It is always recommended to seek professional advice while undergoing the dissolution process to ensure compliance with state regulations and protect the interests of the company and its owners.
Properly dissolving an LLC in New Jersey is essential to avoid potential legal and financial issues. Things to consider when dissolving an LLC in New Jersey include more than just filing paperwork with the state. It is recommended to seek professional advice during the dissolution process to ensure compliance with regulations and protect company and owner interests.