how to dissolve an llc is commonly asked by many business owners. An LLC is a legal entity, and operating it requires complying with many rules and regulations. Among these is knowing and following how to dissolve an LLC. Operating an LLC is considered as an asset protection for owners. However, LLCs are also known to create huge problem for business owners, especially when it comes to their tax status.

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There are some differences between LLCs and corporations that make them distinctly different from one another. The most obvious difference is in the name. A corporation is a separate entity from its owner, while an LLC is just another company with its own name. Another important distinction is that although a corporation may choose to dissolve itself, an LLC cannot dissolve itself.

 

To dissolve an LLC, the authorized director of the LLC must file a request with the state authorities for dissolution. Filing a petition does not necessarily mean that the LLC has been dissolved. It means the decision was made by the members of the LLC to end its existence. The request for dissolution must be done with the county clerk, who will then make a final decision on the dissolution. Although most states do not require a certified public accountant to make this decision, it is highly recommended because an accountant can help you analyze your tax situation and give you a crystal clear view of your financial situation.

How To Dissolve An LLC - File Articles Of Dissolution

 

How to dissolve an LLC is quite easy if it is done through a process known as 'incorporation in a state' or 'incorporation by operation of law'. In this case, the owners of the LLC file a Articles of Organization, or Articles of Incorporation, with the state. In a Articles of Incorporation, the LLC name is formally mentioned, along with the LLC's capital, the LLC's name, and all of its existing outstanding debts and liabilities. This document is filed along with the filing fees with the county clerk of the county where the LLC is registered.

 

Some states may also require a special election to formally dissolve the LLC. However, other than that, there is no other legal requirement. When the Articles of Organization are filed, the member LLCs then vote on whether they want to continue the LLC. Each person present votes a certain number of times, until one person present the other side's proposal to the rest of the LLC members. If the proposal is successful, the LLC is then dissolved.

 

How to dissolve an LLC in a court of law is also relatively simple, though it still carries some risk. In almost every state, the general operating agreement for any LLCs is considered to be an abomination and void. Consequently, any LLCs operating agreement, or letter of authorization, if it contains an operating agreement, must first be filed in the office of the state attorney. Thereafter, the LLC must submit its document for approval to the state, and then wait for the courts' ruling on whether or not the state law requires the LLC to dissolve.

 

Operating agreements for limited liability companies are usually pretty easy to form, and can be drafted very simply, without the help of an attorney. However, even with these agreements, it's usually best to seek the advice of an attorney before signing on the dotted line. This is because some states, including Illinois, have what is called an "automatic stay," which means that the state will automatically dissolve an LLC without having to take any action on the owners' behalf, and without a statutory waiting period.

 

As you can see, there's no need to hire an attorney to help you dissolve an LLC. Now that you know this, all you need to do is to get in touch with an attorney who can draw up the operating agreement documents you need to file articles of dissolution with the IRS, and file them with your state, in accordance with their filing guidelines. Don't forget to mention the LLC name in the address part of the petition, so that it may be immediately obeyed.

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