Are you a business owner in the areas like Nassau County NY, New York City, New York County NY or Suffolk County NY? Are you thinking of dissolving your company? Well, it is unfortunate that you are thinking of corporate dissolution. But often there comes a time when this is the only option left with you. Financial difficulties, retirements or break of partnerships, there can be myriad of reasons behind it. But when you are thinking of dissolving your business, you need to get assistance from the right professional team so that you can take care of all loose ends and legal complexities further on. If you are wondering which company you should trust in the aforementioned areas for this, then come to us, at BizValue LTD, without any hesitation. When it comes to any sort of legal complexities, BizValue is the absolutely right team to take care of it.
If you are wondering, what steps you need to think about while dissolving the business, then here is a complete guide for you.
- Closing the Business
If you are the sole proprietor of the company, then it is entirely your decision and you are not liable to inform anyone. If there is a partner for the business, yet you don’t have any written proof of the partnership, then one notice is enough to let them know. If you are already in a partnership agreement, you need to follow the rules of dissolution that includes article of incorporation or state laws.
- Notification, Cancellation, and Settlement
Now it is time to file article dissolution. You also need to think of notifying the tax authority and get the settlement done. Letting your creditors know about your decision should be your next step. Ask them for initiating the credit settlement as well.
- Collect and Sell Out
Now, you are done with letting everyone know about your decision. Next, track down your money in the market and start collecting them. Also, start selling out your assets. If there is any stock or financial asset, then consult an attorney and start distributing amongst stakeholders.
So, now as you know about the steps, don’t keep procrastinating. Talk to our attorney today. Dial (631) 754-3779 to get in touch with us.