Dissolving a business in North Carolina means you are permanently closing your corporation or LLC. It is not as easy as simply hanging a “closed” sign on your door and turning off the electric service.
When properly closed, the official existence of your company ends and you are no longer required to pay fees for licensure, permits, and further taxes that may have previously been required. The process is involved and has many steps and regulations that must be adhered to. Depending on the type of business entity you established and the organizational and operating agreements you may have entered into, you may be required to hold a formal, properly noticed meeting and a vote for dissolution, as well as comply with other provisions required by your operational documentation. You may require agreements in writing and you will probably have to file several different forms with the Secretary of State.
You may have to provide formal published notification of your company’s dissolution and cancel permits and licenses acquired in the business’s name. The steps that must be undertaken can be numerous and as stressful and complex as running the business was before its dissolution. Even if the entity dissolution steps appear simple, improper handling can result in ongoing taxation and legal liability for the company and its principles. Engaging the representation of a competent and experienced business lawyer to assist you with the steps of dissolution is the best way to ensure that all considerations are met. A corporate dissolution lawyer can help negotiate early resolutions to contract disputes and protect business owners from its creditors, as well as provide advice and leadership as to the most effective tools available to business owners during the process.
Business dissolution can be as complex and stressful as the dissolution of a marriage. Our lawyers can guide you through the process and help you finalize all outstanding issues that may be present for your business, freeing you to turn your attention to your next endeavor. Call Katherine Langley or April Burt for consultation relative to your corporate dissolution in Western North Carolina. Their advocacy can help you ensure that all elements of closing your business are managed effectively and efficiently.