When a business closes, it must be done properly in order to end its financial and legal obligations. This article offers guidance and steps on how to close a business in nevada, including conducting a formal vote, settling debts and liabilities, distributing assets, filing the Articles of Dissolution, notifying government agencies, and canceling business licenses and permits.
There are several reasons to dissolve an LLC: The business has failed financially and no longer brings in profits. The objective for which the company was formed is no longer served, or irreconcilable differences between members lead to an agreement to close the business. Dissolving the business ends the company’s financial and legal obligations and eliminates the need to file annual LLC reports.
Conduct a formal vote: The first step in closing an LLC is to hold a vote of the members. The voting procedures may be outlined in the company’s operating agreement or agreed upon in a separate document. The majority of the members must approve the dissolution in order to move forward with the process. The results of the vote should be recorded in business meeting minutes or a written resolution.
Close tax accounts: If your company was an employer, it will need to close its employment and payroll taxes with the state. It will also need to close its sales and use tax account if it sold taxable goods or services in the state. Consult with a tax professional to ensure all necessary steps are taken.