Trader Business Dissolution

When the owners of a company want to close down their business in one or all of the jurisdictions where the entity is located, we prepare the necessary documents and file them with the Secretary of State. A company is “dissolved” in its primary jurisdiction where the Articles of Incorporation were originally filed and a company is “surrendered” in any additional jurisdictions where the company applied for the right to transact business.

The Benefits of Filing a Dissolution:

 Avoid paying unnecessary taxes and annual state fees

 Formally close your business with the state of incorporation

 Prevent corporate identity theft, and credit fraud

Without the formal termination of a Corporation or LLC, owners could still be charged fees associated with the business. A Corporation or LLC must file Articles of Dissolution (sometimes referred to as Certificate of Dissolution or Certificate of Cancellation) when it needs to terminate its existence. Whenever a Corporation or LLC is an active entity at the Secretary of State, it is in existence and has specific obligations to that state (such as filing Annual Reports, paying state fees, and paying taxes). Even if the company is not actually doing any business at all, as long as the company is filed with the state, it is considered to be in existence. For this reason, it is important to officially and formally dissolve your entity with the Secretary of State in order to avoid any unnecessary fees.