What is dissolution and how does it work?
Ending a business is no quick and easy matter; dissolving a corporation or LLC requires strict adherence to a step-by-step procedure, with approval granted by the shareholders and members. The latter are typically involved in the daily operations of smaller businesses and thus have vested interests.
Larger companies tend to have various inactive individuals, but nevertheless, the board of directors must approve the dissolution resolution. A vote is then taken by the shareholders to determine the final outcome; if successful, the business must file a formal Certificate of Dissolution with their respective state.
Companies licensed and registered to operate in multiple states must go one step further by completing an Application of Withdrawal, Certificate of Surrender, or Termination of Registration. Next comes an official closing with the IRS for tax purposes, a notice to all commercial creditors, and finally the distribution of corporate assets.
Get help to dissolve your business
It is not uncommon for dissolutions to take weeks or months to complete, depending on the size and scope of the business’ operations. Given the lengthy and complicated nature of these legal proceedings, most companies entrust their registered agents with the task of facilitating the dissolution.
With over a hundred years of doing business, Corporation Service Company® (CSC®) has handled this oftentimes grueling task for many of our clients, including a number of well-known Fortune 500® companies. We ensure your Certificate of Dissolution is processed quickly and correctly, because we know you have no time to waste and that you have shareholders to protect.
Let CSC take care of the groundwork; contact one of our specialized registered agents by filling out the form on the right to learn more!