Dissolving a California LLC requires filing paperwork and stopping business. You should publish a statement that the business is closed so creditors can make claims.
Legal Steps for Dissolution
To dissolve a corporation in California, the board must meet and vote to dissolve. Then file the paperwork with the Secretary of State. Pay any taxes and debts owed. Notify relevant parties the business is dissolving.
To dissolve a partnership in California, the partners must vote to dissolve according to procedure outlines in agreements or statutes. File paperwork with tax boards and Secretary of State. Wind down business operations.
Filing and Paperwork
The Secretary of State processes dissolutions in around 3-4 weeks. Corporations file Form 966 to dissolve. Asset sales require Form 8594. Visit the Secretary of State to file paperwork.
To ensure proper dissolution, file final tax returns, pay balances, cease operations, and submit dissolution forms within 12 months. Follow all requirements to avoid penalties.
Cost and Required Forms
The cost to dissolve a business in California can vary. To determine the exact fees, it’s best to contact the Secretary of State or review their fee schedule.
To dissolve a corporation in California, file Form 966. For asset sales during the dissolution, use Form 8594.