Hold a meeting of the directors and shareholders as the first step. Holding a meeting with the directors and shareholders to discuss the dissolution of the corporation is the first stage in shutting a S Corp in New York. You will need to vote on the dissolution and choose a representative to oversee the closing of the corporation’s affairs at this meeting.
You must submit Articles of Dissolution to the New York Department of State following the meeting. The name of the corporation, the date of the meeting at which the dissolution was adopted, and the name and address of the person in charge of the corporation’s winding down must all be included in the Articles of Dissolution.
Following the filing of the Articles of Dissolution, you must inform all creditors and other parties that the S Corp has done business with that the corporation is dissolving. They will now have a chance to bring any claims against the company.
Step 4: Submit your final tax returns and settle any outstanding debts You must submit final tax returns to the IRS and the state of New York and pay any unpaid taxes before the corporation may be formally dissolved. This covers any income tax, payroll tax, and sales tax.
The Silver, Gold, and Platinum packages are available from Incfile if you’re trying to register an LLC or corporation in New York. The simplest option, Silver, comprises your formation paperwork’ preparation and submission. A tailored operating agreement and a counseling on business taxes are among the extra features offered in the Gold package. Everything in the Gold package is also included in the Platinum package, along with accelerated filing and a library of business contract templates.
Depending on the package chosen and the state of formation, Incfile’s processing times change. The Gold and Platinum packages can be expedited for an extra cost, while the Silver package normally takes 5-7 business days to process.
In New York, forming an LLC costs $200 plus an additional $50 for publication of the formation notice in two newspapers. All New York-created LLCs must pay this fee.
In Texas, creating an LLC costs $300. All Texas LLCs are obliged to pay this fee.
Although the article’s title refers to dissolving a S Corp in New York, an LLC’s main function is to shield its members, who are its owners, from limited liability. This means that any liabilities or debts incurred by the LLC are shielded from the members’ individual assets. A popular alternative for small firms, an LLC also provides flexibility in administration and taxation options.