Day Trader Business Dissolution Services
It’s a sad reality that nearly every business will close down eventually. If you own a business that ceases operation, it can be a difficult and disappointing time. Even if it was fully your choice, the time around the business ending can be emotional.
Still, it’s important to take care of any important tasks related to shutting the business down, including dissolution. If you’re unsure of how to handle that, Traders Accounting can help. We help owners dissolve their businesses so that they don’t suffer any unintended consequences.
How to Dissolve Your Business
When the owners of a company want to close 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
So, why should you bother officially dissolving your business when you shut down operation? For starters, it allows you to formally close your business with the state it was incorporated in. Perhaps more importantly, it helps you avoid unnecessary taxes and fees. Without a formal termination of a corporation or LLC, you could still be charged fees associated with the business. If you don’t dissolve, you’ll still required to file annual reports and to pay state fees and taxes, even if you’re not doing any business.
Additionally, dissolving your business can help prevent fraud. Any business can have its identity stolen just as any person can. Criminals can buy goods and property and enter into legal agreements using the name of your business. The victims of this fraud can you personally as the owner of the business and your business can be named as part of a lawsuit as long as it exists. Dissolving the business eliminates these issues.
If you need your business dissolved in an efficient and effective manner, contact the professionals at Traders Accounting.
