Closing a Business in North Dakota: A Step-by-Step Guide

Closing a business can be a challenging choice, but there are instances when it is the wisest course of action. If you own a business in North Dakota and have made the decision to close it, there are a few crucial procedures you must follow to make sure the process is done properly. What you need to know is as follows:

1. Submit dissolution papers to the Secretary of State: You must submit Articles of Dissolution to the Secretary of State in order to formally dissolve your business in North Dakota. You must pay a filing fee and can file either online or by mail. Your business will be formally dissolved after your Articles of Dissolution have been approved.

2. Cancel Licenses, Permits, and Registrations: Ensure that all licenses, permits, and registrations that your company has with federal, state, and local authorities are canceled. This can cover items like your business license, sales tax permit, and any professional licenses you might possess.

3. Inform Your Employees: If you have staff, you must let them know that the company is closing. Give them plenty of notice, details about their final salary, any benefits to which they might be eligible, and instructions on how to submit an unemployment claim.

4. Notify Your Customers and Vendors: It’s crucial to inform your clients and suppliers of your plan to shut down the company. This can entail distributing a letter or email, updating your website and social media pages, and putting up a notice in person.

The majority of food items are not subject to sales tax in North Dakota. Items like milk, fresh produce, and bread fall under this category. There are a few exceptions, though. Sales tax is charged on prepared food, including restaurant meals and takeout orders. Sales tax also applies to confections, soft drinks, and other “luxury” food items. Is My Company an Online Marketplace Facilitator?

A marketplace facilitator is someone who runs a company that helps buyers and sellers complete transactions. This includes companies like Etsy, Amazon, and eBay. Sales tax collection and submission are your responsibility as a marketplace facilitator in North Dakota on behalf of your vendors. As a result, you must apply for a sales tax permit and submit regular sales tax returns. What is an annual certificate, exactly?

Certain types of businesses must submit an Annual Certificate to the Secretary of State in North Dakota. This covers businesses like corporations, LLCs, and restricted partnerships. Your company’s most recent information, including your registered agent and office address, is provided in the annual certificate. Your annual certificate must be submitted by the anniversary of the day your business was founded. Does North Dakota Require Me to Renew My LLC Each Year? No, North Dakota does not need you to renew your LLC annually. You must submit an Annual Report to the Secretary of State, though. The Annual Report contains up-to-date information about your company, including your registered agent and office address, and is required by November 15 of each year. The Annual Report is subject to a filing charge.