What you should know about Corporate and LLC Dissolutions

Corporate and LLC-Dissolutions

As we approach the end of year many Corporations and Limited Liability Companies find themselves needing to dissolve. Here’s what to expect when dissolving a corporation or a Limited Liability Company.

For corporations many states require that you obtain consent from their governing tax authority before they will accept the filing of a dissolution.  For instance, New York and New Jersey have a stringent tax clearance process you must go through before you can dissolve a corporation. In NY, before you can file for dissolution with the Dept. of State you must first obtain consent from the NY  Department of Taxation and Finance.  Before the New York Department of Taxation and Finance will grant that consent, a corporation must be current with their franchise tax return filings, payment of taxes and a “final franchise tax return” must be filed (and marked such) along with payment of any taxes due per that return.   Continue reading “What you should know about Corporate and LLC Dissolutions”

Corporation or LLC?

Should Your New Business be a Corporation or LLC

If you are conducting or starting up a business as a sole proprietor or a partnership, there are significant advantages to operating as a Corporation or LLC. One key advantage is that personal liability for the losses, debts or court judgments can be avoided, provided you respect the formalities required by the laws of the state in which the Corporation or LLC is formed. Continue reading “Corporation or LLC?”