Costs Associated with Dissolving an LLC in DC

In Washington, DC, dissolving a limited liability corporation (LLC) is a simple procedure that entails submitting the required paperwork and paying the necessary costs. Depending on the type of LLC and the filing procedure, dissolving an LLC in DC has a range of costs. In this post, we’ll look at how much it costs to dissolve and reinstate an LLC in the District of Columbia as well as the differences between an LLC and a limited company (Ltd).

If you file online, the cost to dissolve an LLC in DC is $15; if you file by mail, the cost is $50. You must file a final tax return with the DC Office of Tax and Revenue and pay any taxes due after submitting the Articles of Termination to the DC Department of Consumer and Regulatory Affairs (DCRA). Depending on the LLC’s income and tax liability, the cost of the final tax return varies.

If your LLC is administratively terminated, you can reactivate it by submitting the required paperwork and making the necessary payments. If you file online for reviving an LLC in DC, the fee is $220; if you file by mail, the fee is $270. You must also reimburse the DC Office of Tax and Revenue for any unpaid fines and taxes.

A member of an LLC is referred to as the owner. An LLC may have one or more members who are either people, businesses, or other LLCs. Members can take part in the management of the LLC or assign management to one or more managers; they are not personally accountable for the debts and liabilities of the LLC.

Similar to an LLC in the US, a limited company (Ltd) is a type of business entity in the United Kingdom. There are, however, some significant differences between the two. An LLC cannot issue shares to raise funds in the UK, although a Ltd can. An LLC can be owned and controlled by a single member, whereas a Ltd must have at least one director and shareholder.

Although an LLC is not a corporation, it can choose to be taxed as either a C or a S corporation. A C corporation is a separate taxable company that is subject to corporate income tax, whereas a S corporation is a pass-through entity that permits profits and losses to be passed through to the owners’ personal tax returns. An LLC must submit Form 2553 to the IRS in order to elect S corporation status, and Form 8832 in order to obtain C corporation status.

In conclusion, dissolving an LLC in DC is a pretty easy process that needs the proper paperwork filed and costs paid. If you file online, the cost to dissolve an LLC in DC is $15; if you file by mail, the cost is $50. If your LLC is administratively terminated, you can reactivate it by submitting the required paperwork and making the necessary payments. If you file online for reviving an LLC in DC, the fee is $220; if you file by mail, the fee is $270. An LLC can choose to be taxed as either a S company or a C corporation, and the owner of an LLC is referred to as a member.