All company registration information must be kept on file by the West Virginia Secretary of State. To dissolve your company after it closes, you must submit the necessary documentation to the Secretary of State’s office. A detailed instruction on how to dissolve a business in West Virginia is available on the secretary of state’s website.
West Virginia’s Monongalia County is home to Morgantown. You must adhere to state regulations while closing your firm if it is situated in Morgantown or any other West Virginian city. How long is a West Virginia business license valid?
Business licenses in West Virginia normally last for a year. To keep running your business legally, you must renew your license each year. On the other hand, you won’t have to bother about renewing your license if you’re closing your business. Does Selling Online Require a Business License?
Yes, a business license is required in West Virginia if you sell goods or services online. No matter the size of your company—whether you own a tiny Etsy shop or a major e-commerce website—this is applicable. On all sales made to residents of West Virginia, you must also collect and send sales tax. How to Close a Business in West Virginia: Steps to Follow
The actions you must follow in West Virginia to close your business are listed below: 1. File a business dissolution petition with the Secretary of State. Articles of Dissolution must be submitted to the Secretary of State’s office. With the filing of this document, your company will be formally dissolved and deleted from the state’s records. 2. Revocation of business permissions and licenses. Any licenses and permissions that your company has with the state or local government must be canceled. This covers all of your professional licenses, tax permits, and business licenses. 3. Resolve any outstanding bills. You must settle all unpaid debts, including loans, taxes, and vendor invoices, before terminating your business.
4. Inform the staff and clients. You must inform your employees of the closure of your business and give them any appropriate papers, if you have any. Additionally, you should inform your clients that you will be closing your doors. 5. Liquidate your assets. You must liquidate any residual assets or appropriately dispose of any equipment or inventory you may have.
Closing a business can be a challenging process, but by following these guidelines and seeking the advice of legal and financial experts, you can make sure that your company in West Virginia closes successfully and legally.
Yes, West Virginia companies must renew their business licenses annually. A renewal application must normally be submitted along with a fee to the West Virginia Secretary of State’s office. Penalties and the loss of the company’s legal standing may follow failure to renew the license.