As an entrepreneur, it’s important to always be prepared for the possibility of your business’s failure. Many people open businesses to pursue their passion projects, but there can be a number of reasons for why the business may close down. Regardless of the reason, there are certain steps that must be taken in order to properly wind down the company.
One of the most important things to remember when learning how to close a business in wisconsin is that before any legal paperwork can be filed, all members must agree on the dissolution of the company. This can be done through a formal vote, or by documenting everyone’s consent through signatures on file.
Once the dissolution process is completed and all debts and assets have been settled, the next step is to file the Articles of Dissolution with the state of Wisconsin. This will provide the state with notice that your business is closing and no longer conducting business. It’s also a good idea to notify the IRS and any other government agencies that you have an account with of the dissolution, so that they can cancel any outstanding tax liabilities.
It’s also a good idea to cancel any remaining licenses, permits or business insurance policies that you have in place for your business. Once all of these items have been accounted for, the final step is to submit your Certificate of Dissolution to the Wisconsin Secretary of State and pay any required filing fees.