How to Dissolve an LLC in Florida

If you want to know how to dissolve Florida businesses, you have come to the right place. I can help you with your decision to stop operating as an LLC business. Just contact me at sam@mollaeilaw.com for all the details today. 

 

What Is an LLC?

According to the IRS definition, an LLC is a business entity that is set up by the statues of a state. When you need to dissolve your LLC business, you cannot simply liquidate and sell the company’s assets nor tell customers about your decision to dissolve.

You need to follow a certain legal process, established by state legislation.

Therefore, the dissolution of an LLC is different in different states. However, I can show you several general steps to take, regardless of where the LLC is based.

Just ask me about the details on how to dissolve LLC Florida companies by email or by phone. Contact me, at your convenience, at sam@mollaeilaw.com. 

 

Following the Basic Steps to Dissolve LLC Florida Companies

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Step 1: Receive Member Approval
Step 2: File the Appropriate Tax Forms
Step 3: Inform Your Creditors about Your Business Closing
Step 4: Settle Creditor Claims
Step 5: Distribute the LLC Assets
Step 6: File the Articles of Dissolution

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To dissolve LLC Florida companies, you need to do the following:

 

Step 1: Receive Member Approval

When it comes to dissolving a limited liability company, the members must agree that the dissolution should take place. Usually, members of smaller LLCs know what is best for the business. Therefore, their vote is considered a vital part of the dissolution process.

You do not have to follow a strict process, as you do with a corporation, to dissolve an LLC. However, you do need to record the decision and get all the members’ okay.

 

Step 2: File the Appropriate Tax Forms

Just because your company no longer operates in the Sunshine State does not mean you can forego paying taxes. Go to the IRS website and check its “closing a business” checklist to find out what documents to fill out and submit. 

Also, don’t forget the payroll if you have employees that still need to receive checks. You can get the needed help from a tax advisor or an accountant.

 

Step 3: Inform Your Creditors about Your Business Closing

When notifying your creditors, you need to do the following:

• Explain that your LLC is in the process of being resolved and that you will file the appropriate paperwork.
• Provide an email address for claims processing.
• List the details that should be submitted for claims.
• Indicate the deadline for submitting claims (usually 120 days from the notice date is followed).
• State that no claims will be accepted once the claims deadline passes.

 

Step 4: Settle Creditor Claims

Any accepted claims must be paid by the LLC or at least be settled in some form, so the creditor is satisfied with the arrangement. If you do not want to pay a claim, you need to notify the credit in writing.

You will need my help if you wish to do this. I can assist you with all the salient details. Just email me at sam@mollaeilaw.com for further information.

 

Step 5: Distribute the LLC Assets

After paying the claims and providing settlement, you need to allocate the remainder of the company’s assets. These assets will be distributed in accordance with ownership shares.

For example, if you own 60% of the LLC and a partner owns 40%, the assets will be shared 6/40. You need to inform the IRS of this decision.

 

Step 6: File the Articles of Dissolution

Finally, you need to file the articles of dissolution with the Secretary of State’s office. Disclose information, such as the active date for the dissolution, the name of the LLC, and the reason for the business closing.

This form can be downloaded from the SOS website. You can also e-file this form. I can help you with the process. Contact me at sam@mollaeilaw.com about your choices.

Also, you need to submit a final tax return form to the IRS. Once you have completed the steps, the LLC is terminated. A small filing fee must be paid to submit the Articles of Dissolution.

One Special Note – You need to include your employer identification number on the paperwork. This number, even if a company dissolves, is permanent.

 

An Added Comment about this Filing:

The Articles of Dissolution should be filed after the members have agreed that a dissolution should take place and the winding-up tasks take place. If the LLC also did business in another state or states, the documentation must be filled out for those states as well. All licenses and permits should also be canceled.

Articles of Dissolution are filed at specific times, depending on the location of the LLC. In Florida, this paperwork is filed after notifying creditors and resolving claims – all part of the winding-up process.

Also, taxes should be cleared before submitting the Articles of Dissolution. Therefore, any taxes that are owed should be paid before dissolution if official.

The Articles of Dissolution are filed at different times, depending on the location of the business. While this document is filed after the winding-up process in Florida, it may be filed before notifying creditors or liquidating assets in other states. 

As you can see, you need to follow certain steps when you dissolve or close a business. That is where I can assist you.

I can help you take the needed steps to dissolve your LLC, regardless of its location. You can always contact me by email at any time. Send email correspondence to sam@mollaeilaw.com if you have specific inquiries or concerns.

 

How You Dissolve LLC Florida Companies per the State’s Legislation

Once you learn more about how to dissolve LLC Florida companies, the guidelines for dissolution are much easier to follow. Under the LLC Act in Florida, key winding up tasks include the following:

• Collecting the LLC’s assets and disposing of LLC property 
• Discharging LLC liabilities
• Distributing the assets to creditors and members

When it comes to discharging liabilities and distributing assets, you are required to pay your obligations in a certain order. First, you must pay the creditors and, next, you must pay current or former LLC members any interim distributions or distributions that must go to members who have since withdrawn from the LLC.

Interim distributions are usually approved remittances that are not related to dissolution.

Finally, you need to allocate any remaining assets in proportion to their membership share or percentage. You will need my help to follow the details involved in this process. Contact me with your questions at sam@molllaeilaw.com today.