You must terminate your registration if you own a business in Pennsylvania and are no longer using your false name. Although canceling a fictitious name in Pennsylvania is a simple procedure, it is crucial to take all the required precautions to prevent future legal or financial problems. This page will outline the procedures needed to revoke a fictitious name in Pennsylvania and address some associated queries.
Fill out a cancellation form in the first step. You must submit a cancellation request to the Pennsylvania Department of State in order to revoke your fictitious name there. The form is available on the department’s website or by getting in touch with their office. The form will request details about your company, such as your fictional name and registration number. To file the form, you must sign it and pay a filing fee.
You must inform any parties who might be impacted by the cancellation of your fictitious name after you have submitted the cancellation form. These might be your clients, suppliers, and creditors. Additionally, you must inform any government organizations with which you have conducted business while using a false identity.
Close your business accounts in Step 3 You must close any bank accounts, credit cards, or other financial accounts linked to your false name if you have been conducting business under that name. Any money that is left over should be transferred to your legitimate business name.
Update Your Business Records in Step 4 In order to reflect the termination of your fake name, you should lastly update your company records with the Pennsylvania Department of State. This can entail making changes to your annual report or submitting your final tax return under your assumed identity.
What You Need to Know About Dissolving an LLC in New York
There are numerous actions you must follow if you are a business owner in New York and need to dissolve your LLC. Although it is a little trickier than removing a fictitious name in Pennsylvania, dissolving an LLC in New York is still a rather simple procedure. The actions you must do in order to dissolve an LLC in New York are listed below:
You must submit articles of dissolution to the New York Department of State in order to dissolve your LLC there. The name of your LLC, the date of dissolution, and the cause for dissolution must all be included in the articles of dissolution. Additionally, there will be a filing charge for the articles.
Step 2: Inform Your Creditors and Members You must inform the members of your LLC and any creditors after you have filed the articles of dissolution. A notice of your LLC’s dissolution should also be printed in the county where your LLC was formed’s newspaper.
Close your business accounts in Step 3 You must close any bank accounts, credit cards, or other financial accounts linked to your LLC, much like when canceling a fictitious name in Pennsylvania. If you intend to launch a new business, you should transfer any remaining cash to your members or to a new business account.
Step 4: Submit Your Last Tax Returns A final tax return for your LLC must be submitted to the New York State Department of Taxation and Finance. Depending on where you conducted business, you might also need to file final tax returns with the IRS and any other states.
When it comes to closing a firm, you may hear the terms dissolution and termination used interchangeably, but they are not the same thing. Dissolution is the process of winding down a business’s affairs and selling its assets, whereas termination often refers to the process of ending a business’s legal existence. In other words, dissolution is the process leading up to termination, whereas termination is the end of the firm.
What Does Dissolving an LLC Mean?
When you dissolve an LLC, you effectively put a stop to the company’s operations and sell off its assets. This include settling any debts or commitments, distributing any assets still held to the LLC members, and submitting any required papers to the state. The LLC ceases to be a legal entity after being dissolved. Who Is the Owner of a Dissolved Company’s Assets?
When a business dissolves, its assets are normally dispersed or sold to cover any outstanding debts. The company’s shareholders or members, depending on the form of business structure, receive any remaining assets after that. Any leftover assets in the case of an LLC would be given to the LLC members.