Steps to Legally Dissolve a Business
- Notify Partners First
- Time Closure and Admit It’s Time to Close
- File Paperwork to End Sales
- Notify IRS within 30 Days
- Protect Assets
- Notify Stakeholders
- Prevent Lawsuits
What does Dissolving an Entity Mean?
To end a business legally, filing paperwork is required. Failure to do so leads to fees, even after closure.
Proper process for dissolution includes:
- Plan Closure Timing
- Discuss Strategy with Partners
- File Articles of Dissolution
- Notify IRS in 30 Days
- Admit It’s Time to Close
- Follow Dissolution Process
- Protect Remaining Assets
- Notify Stakeholders Clearly
- Prevent Lawsuits
How to End an Entity
- Collect Outstanding Payments Before Announcing Closure
- Create an Exit Strategy and Discuss Strategy with Partners
- File Necessary Paperwork for Dissolution
- Notify IRS within 30 Days
- Protect Remaining Assets
- Prevent Lawsuits