Closing a Business in Alaska: A Comprehensive Guide

Any entrepreneur finds it challenging to decide to shut down a business. It is occasionally the best course of action, though. Follow the right steps to ensure a seamless and legal process whether you are retiring, moving on to another project, or simply winding down your business. Here is what you need to know if you are an Alaskan business owner that needs to close your doors.

The filing of Articles of Dissolution with the Alaska Secretary of State is the initial step in shutting your business in Alaska. This document formally informs the state that your business is closed. The $25 filing fee is payable online or by mail. Prior to submitting your articles of dissolution, you must settle any unpaid taxes or fees.

The next step is to inform your clients and staff that your business is closing. Depending on your inclination, you can either send a letter or an email to do this. Prior to closing the business, you must settle any unpaid wages or benefits to employees. 3. Revocation of licenses and permits You must also cancel any licenses or permits your company may have, such as a sales tax permit or a business license. By doing this, you make sure that you won’t be charged any additional taxes or fees for such licenses or permits in the future. Creating a S Corporation in Alaska Here are the procedures you must take if you’re launching a business in Alaska and want to create a S Corp:

1. Pick a Name

Pick a distinctive name for your S Corp that is not in use presently. On the website of the Alaska Division of Corporations, you can determine whether your preferred name is available.

3. Obtain an EIN

You will require an Employer Identification Number (EIN), which you may do by going to the IRS. This can be purchased online or by mail and is used for tax purposes.

4. Draft Bylaws

For your S Corp, draft bylaws outlining the policies and procedures of the company. This covers details such as how meetings will be run, how the organization will be run, and how revenues and losses will be allocated.

5. Host an Organizational Meeting

Invite your board of directors to an organizational meeting where you will adopt your bylaws, choose your officials, and do any other essential activities. Getting an Arizona and Alaska Certificate of Good Standing

You can ask the Arizona Corporation Commission for a Certificate of Good Standing if you need one. You can submit an online or postal request for it for a charge of $45. What Does the Entity Number Mean? A business’s entity number is a special identification code given to it by the state where it is registered. This number is needed when filing specific business paperwork as well as for tax purposes. The entity number is often referred to as the Alaska Business License Number in Alaska. When you register your company with the Alaska Division of Corporations, it is given to you.