Corporate Dissolution and Dissociation
Hoffman Estates Lawyers Helping Companies Make Informed Decisions
When starting, maintaining and leaving a company, business law is never simple. This includes taking actions to dissolve or dissociate from a business entity, which requires shareholders, members and partners to follow specific procedures that vary from state to state and business to business.
Fortunately, our law firm can assist you. The attorneys at Pluymert, MacDonald, Hargrove & Lee, Ltd. have many years of experience dealing with business ownership and corporate law. Our attorneys help clients to “wind up” their business ventures the right way, including dissolution of corporations, limited liability companies and limited partnerships.
How Do I Dissolve a Corporation?
Winding up, or dissolving a business, essentially ends a corporation. This can be either a voluntary action made by individuals involved in a corporation, or an involuntary action through the government due to the corporation’s failure to pay taxes or otherwise violating the law. If you own a business and decide to end the corporation, you need to understand the following steps and procedures that can allow you to dissolve your corporation without legal repercussions:
To start, the shareholders must agree that closing the business is the right decision. Make sure you vote in accordance with your organizational documents or the business statutes in your state.
If your shareholders vote to close the corporation, you need to file dissolution forms. States have different regulations on the dissolution process, so be sure you understand all of your state’s requirements for paperwork, fees and other important matters. A qualified business attorney can assist in reviewing your state’s regulations to help you file your dissolution correctly.
Make sure that you notify creditors, employees, customers and any other interested parties that you are going out of business.
- Pay taxes and other debts.
Ending a business may become more complicated for some owners, such as those who do business in multiple states or who cannot pay their debts. This is why it is essential to speak with a business lawyer when winding up your business regardless of the entity type.
I Need Advice from a Business Lawyer
At Pluymert, MacDonald, Hargrove & Lee, Ltd., we value our clients and do everything we can to allow them to reach successful resolutions to their legal issues. Our Hoffman Estates lawyers can give you the knowledge you need to make the right decisions, so call our office today.