Overview
To dissolve a Maryland LLC, file the Articles of Cancellation with the Maryland State Department of Assessments and Taxation (SDAT). Provide the name of the LLC, its SDAT Number, and name and address of a Maryland registered agent. Settle all outstanding debts and liabilities, liquidate remaining assets, and distribute assets per the LLC’s operating agreement. Finally, close all business-related accounts.
Steps for Dissolution
Follow these steps to dissolve an LLC in Maryland:
1) Follow the operating agreement
2) Obtain written consent of all members
3) Draft a resolution to dissolve
4) Cancel licenses and permits
5) Notify creditors
6) Distribute assets
7) Close tax accounts
Cost and Timing
The cost to dissolve an LLC in Maryland is a $100 filing fee to the Maryland Secretary of State. Normal processing by the Maryland SDAT may take up to 8 weeks. However, by paying a $50 expedited fee, the application can be processed within 7 business days.
Additional Information
Can I dissolve my LLC without notifying my members in Maryland? If your LLC has multiple members, their approval is required as outlined in the operating agreement procedures.
If you need further assistance with dissolving or creating a new entity, you can contact us at (443) 535-9715 for a consultation.
Finalizing the Dissolution
To officially dissolve your LLC in Maryland, complete and file the Certificate of Dissolution with the Maryland Secretary of State. Include your LLC name as it appears on your Articles of Organization.
Before filing the Certificate of Dissolution, it’s crucial to settle any outstanding tax and financial obligations, even though state law doesn’t mandate tax clearance before dissolution.
Filing Details
You must file the dissolution paperwork by mail to:
[mailing address]
Adhering to the correct procedures when closing your LLC will help protect you from liabilities and complications in the future.