How to Dissolve an LLC in New York

For anyone who decides to dissolve LLC New York companies, they will need expert legal advice. I can help you with your decision to liquidate and close your company. 

You have to follow certain procedures to dissolve your LLC in New York.  Otherwise, you can get sued or get in trouble legally and financially.

Don’t try to take on this type of activity yourself. You need to rely on competent legal support. I can give you the guidance you need to realize a successful dissolution. You can contact me anytime at sam@mollaeilaw.com for all the details.

 

What Business People Should Know Who Dissolve LLC New York Companies

Every state has its own laws with respect to dissolving LLCs. New York is no exception. Owners that dissolve LLC New York companies must follow certain guidelines.

These guidelines have been established so a business closing becomes a more orderly process.

Again, you will find that you simply cannot shut your doors and close your company. You need to follow certain steps so the Departments of State will officially recognize your LLC’s dissolution.

That is why you will need my guidance and legal know-how. Send me any current inquiries by emailing me at sam@mollaeilaw.com today.

 

What Steps Should Owners Follow Who Dissolve LLC New York Companies?

To dissolve LLC New York companies, owners must work with a knowledgeable business attorney and follow the proper steps. These steps are outlined below.

1. Follow the Rules Related to Dissolution. You should have the rules for dissolution outlined in your LLC’s operating agreement. Usually, members must cast a majority vote for dissolution. Written consent may also be received by a majority of the membership. In either event, the decision must be recorded in the company’s minutes.

 

2. Wind Up the LLC’s Business. Once members have voted, the LLC will only stay in business to wrap up its business dealings and responsibilities. This process is known as winding up the LLC. Winding up tasks may include dealing with any legal controversies or settling disputes.

You will also need to discharge the company’s liabilities, dispose of the property, and distribute the assets to the membership. I can help you with the steps for winding up your LLC business and will give you the needed guidance to take care of this part of the process successfully.

Contact me at sam@mollaeilaw.com for further information about winding up tasks and obligations.

3. Notify all LLC Parties. Next, you will need to notify employees, lenders, creditors, suppliers, and vendors about your decision to dissolve your LLC. That way, you can finalize any outstanding debts or establish a proper settlement itinerary.

You will also need to notify your insurance company, landlord, or other third parties about your decision to close.

4. Address any LLC Claims. After you notify all the related parties, you need to settle the claims that are current and pending. This needs to be done so any remaining assets can be distributed to the owners.

Any distribution of this kind should be based on each member’s withdrawal from business activities.

Each distribution, therefore, is proportionate to each owner’s interest in the LLC. At this juncture, you also need to handle any claims that involve outstanding receivables.

5. File LLC Taxes. All the taxes for the company should be filed before the dissolution is complete. Even if you are not reporting revenue, sales tax, or payroll for the fiscal year.

When you file your taxes, check the box that says “Final” on the return.

After the taxes are filed, the New York Department of Taxation and Finance or DTF will issue a consent of dissolution in a couple of weeks. This will take longer if you still need to pay franchise taxes.

6. File the Articles of Dissolution. The Articles of Dissolution are created and filed to inform the New York Department of State of your LLC’s dissolution. You will need my guidance and help to create the articles.

For any questions along these lines, contact me at sam@mollaeilaw.com.

The Articles of Dissolution should include the name of the LLC, the date of formation, and the reason for the dissolution – vote or written consent. The filing fee, at this time, is $60. You will need to pay $25 extra if you wish to expedite processing.

Remember – Your LLC’s business name will be open for use again after the articles have been filed and processed.

7. Finalize Any Tax Business. Owners do not need to obtain tax clearance when they dissolve LLC New York companies. However, the New York DTF does recommend that you file your LLC’s final tax returns, and final quarterly withholding taxes if your LLC has employees.

If you sold goods, you also need to submit final sales tax returns.

8. End Out-of-State Registrations. If you have registered your LLC to conduct business outside of New York state, you will need to complete and file separate forms to end the registration for each state. If you do not file these forms, you will continue to receive an assessment of minimum business taxes and yearly reporting fees.

If your New York LLC also has conducted business outside the state, you will need my help for ending these associations or terminating registration. For any questions along these lines, you can reach me at any time at sam@mollaeilaw.com. 

 

When Does the State Involuntarily Dissolve LLC New York Businesses?

Sometimes owners do not voluntarily decide to close and dissolve an LLC. Instead, the state may involuntarily dissolve LLC New York companies.

This is done by a proclamation issued by the Secretary of State (SOS) and results when a company does not pay or file state taxes for two years or more consecutively

However, that does not mean you can forego paying the owed taxes. The proclamation may take several years for completion. In the interim, you still owe the taxes.

 

What To Do Next

Have you decided to be listed among the companies that dissolve LLC New York businesses? If so, you cannot go it alone, as this type of process takes time and must be done step-by-step. Again, you cannot simply close your doors and stop doing business.

If you think the process is complex, you are right. That is why you need to make sure you follow each step and do so properly. This will keep you from facing any legal or financial problems in the future.

I can help you with your decision to voluntarily close and dissolve your business. I can also assist you if your LLC was involuntarily dissolved because of the non-payment of taxes. 

In either event, I can give you the advice and direction you need to end your business without further complications. Email me today with your questions and to set up an appointment and consultation. I can be contacted at sam@mollaeilaw.com 24/7.