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”