Steps to Dissolve LLC in Texas
- Wind down the business once the decision is made.
- Close accounts and pay taxes.
- Notify government agencies and creditors.
- Distribute assets per the operating agreement.
Reasons for Dissolution
- No longer operating.
- Completing the purpose.
- Pursuing a new entity.
Dissolving Process Overview
To dissolve an LLC in Texas:
- Members must vote to dissolve it.
- Notify third parties and close accounts.
- Acquire a Certificate of Account Status from the Comptroller.
- File the Certificate of Termination with the Secretary of State, attaching the certificate.
- The Secretary of State takes 3-5 days to process the filing.
- The Comptroller takes 4-6 weeks to issue the certificate.
Steps Required for Dissolution
Texas law requires the following steps before dissolving an LLC:
- Voting to dissolve the LLC.
- Acquiring an Account Status Certificate from the state.
- Filing a Certificate of Termination with the Secretary of State.
- Closing accounts and paying taxes.
- Notifying government agencies and creditors.
- Distributing assets based on the operating agreement.
Costs and Conclusion
- Texas charges a $40 filing fee with total costs varying.
- After dissolution, the name becomes available for anyone else.
- The company loses its legal entity status once dissolved.
Can I dissolve LLC in Texas online?
- The process requires state filings and internal steps.