Are you looking to dissolve your New York LLC? Here’s a quick and easy guide on how to do it.
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Once you’ve decided to dissolve your LLC, there are a few steps you’ll need to take to make it official. The process is relatively simple, but it’s important to make sure you do everything correctly so that you can avoid any potential problems down the road. In this article, we’ll go over everything you need to do to dissolve your LLC in New York.
What is an LLC?
An LLC, or limited liability company, is a type of business entity that offers its owners protection from personal liability. An LLC is formed by filing Articles of Organization with the Division of Corporations in the state where the LLC will do business.
An LLC can be either member-managed or manager-managed. In a member-managed LLC, all of the members (i.e., the owners) take an active role in running the business. In a manager-managed LLC, one or more members may delegate the management of the LLC to one or more managers.
How to Dissolve Your LLC
If you’re no longer doing business as an LLC, you may want to dissolve your LLC. This process is also known as “canceling” or “winding up” your LLC. To dissolve your LLC, you’ll need to file Articles of Dissolution with the NY Department of State.
File a Certificate of Dissolution
You must file a Certificate of Dissolution with the NY Department of State to officially dissolve your LLC.
The Certificate of Dissolution must include:
-The LLC’s name and date of formation
-The LLC’s dissolution date
-The LLC’s mailing address
-The name, address, and signature of the authorized person filing the certificate
You can file the Certificate of Dissolution online, by mail, or in person. The filing fee is $60.
Once you have filed the Certificate of Dissolution, you should notify any other entities with which your LLC does business (e.g., banks, landlords, etc.) that your LLC has been dissolved. You may also want to consider cancelling any permits or licenses that your LLC holds.
Give Notice to Creditors
It is important to give notice to any creditors you may have that you are dissolving your LLC. This can be done by sending them a certified letter informing them of the dissolution and the date that it will take effect. You should include your contact information and the contact information for your attorney or dissolution representative in this letter. You may also want to include a copy of your Certificate of Dissolution from the state.
Cancel Your Business Licenses and Permits
Business licenses and permits issued by federal, state, and local governments must be surrendered when you close your business. The process for surrendering each type of license or permit is generally the same: you must notify the issuing authority in writing that you are no longer conducting business and will not need the license or permit going forward. You may be required to submit a formal application to surrender the license or permit, or you may simply be able to notify the issuing office by mail. Be sure to keep copies of all correspondence for your records.
The LLC dissolution process in New York is relatively simple. First, you need to file a Certificate of Dissolution with the New York Department of State. Once that’s done, you need to notify all creditors of the dissolution and settle any outstanding debts. Finally, you’ll need to distribute any remaining assets to the LLC’s members. Once all that’s taken care of, your LLC will be officially dissolved.
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