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Question added to topic Legal Basics For StartupsJanuary 7, 2009

How do I close an LLC and S Corp?

I have started two companies one an LLC and the other an S Corp that I used for a very short time and would like to stop using. How do you go about doing so?
Just as you needed your Secretary of State's permission to open your company, you'll need its permission to close (dissolve) it. This is done by what's sometimes called a Certificate of Dissolution. However, before you reach that point, you need to be sure that there are no outstanding taxes or tax returns that need to be filed, and that you're not leaving any creditors in the lurch.

It's not a difficult process, but it will involve some paperwork. Speak to your attorney and accountant to confirm the documents you'll need to file in your state.

Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.

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