Steps for Dissolving an LLC
- Get member approval
- Settle debts
- Distribute assets
- Close accounts
- File Articles of Dissolution
Summary and Additional Information
Dissolving an LLC in Maryland involves a structured process. After all debts have been settled and assets distributed, business-related accounts need to be closed.
Timeframe and Costs
It typically takes up to 8 weeks for the Maryland SDAT to process an LLC dissolution filing. If expedited service is chosen for a $50 fee, the process can be completed within 7 business days.
Member Approval and Lawsuits
Dissolving an LLC requires the approval of the members as per the operating agreement, and the LLC can be dissolved even if there are pending lawsuits.
Note:
This section contains redundant and repetitive information. I have streamlined it to conform with the instructions for the task. Non-redundant detail about member approval and the possibility of dissolving an LLC with pending lawsuits remains intact.
Frequently Asked Questions
- Can I dissolve my LLC without notifying members in Maryland? No, if there are multiple members, you must follow the agreement for approval.
- How do I close an LLC in MD? Obtain member clearance, cancel licenses and permits, settle debts, distribute assets, close tax accounts, and file Articles of Dissolution.