Many individuals decide to start a business with great hopes of making profits and enjoying the entrepreneurial experience. However, not all businesses succeed as planned and some are forced to close. If you own a limited liability company (LLC) in Missouri and are contemplating the possibility of shutting down, it is important to understand the process involved. This article will guide you through the steps necessary to close your business in missouri.
Before starting the legal paperwork, you must ensure that all members are on board with dissolving your LLC. This is usually done by conducting a vote and documenting the results in business meeting minutes or a resolution.
If your LLC has any outstanding debts, you must settle them prior to closing the business. This includes paying off loans, settling pending lawsuits, and paying owed taxes. Your Missouri business attorney can help you determine the best way to pay these obligations.
After you have taken care of all the final details, you must file an Article of Dissolution with your state. This is a formal process that officially ends your LLC’s existence as a registered business entity and puts it beyond the reach of creditors.
Before you submit your Article of Dissolution, you must also notify the IRS and any other government agencies that you have closed your business. You must also cancel your business’s employer identification number with the IRS. This will prevent future tax liabilities if you ever decide to reopen your business.