How to Close an S Corporation in Wisconsin

It can be challenging to decide to shut down a business, but it is occasionally necessary. There are specific actions you must follow in order to ensure that the closing of a S corporation in Wisconsin happens smoothly. The procedures for winding up a S corporation in Wisconsin will be covered in this article.

Hold a Board of Directors meeting as the first step. In Wisconsin, calling a board meeting is the first step in dissolving a S corporation. You must adopt a resolution to dissolve the corporation at this meeting. You must also choose someone to handle the corporation’s affairs as it closes.

You must submit Articles of Dissolution to the Wisconsin Department of Financial Institutions following the board of directors meeting. Your corporation will be formally dissolved and deleted from the state’s records when you file this document. The name of the organization, the dissolution date, and a declaration that the corporation has settled all of its debts must all be included in the Articles of Dissolution.

Additionally, you must inform the Wisconsin Department of Revenue and the IRS that your corporation is closing. You must submit a final tax return and settle any unpaid taxes. Additionally, you must notify the IRS that you no longer need your Employer Identification Number (EIN).

Step 4: Sell Off Assets and Pay Off Creditors You must liquidate your corporation’s assets and settle any outstanding debts after submitting the Articles of Dissolution and notifying the required parties. Any money that is left over should be given to the shareholders.

The procedure for shutting down a non-S corporation business in Wisconsin is the same as for shutting down a S corporation. The same procedures must be followed for informing the state and the federal governments, selling assets, and paying creditors. But you won’t have to call a board meeting or submit articles of dissolution.

You must follow a separate procedure if you want to terminate a partnership that you have in Wisconsin. The Wisconsin Department of Financial Institutions must receive a Statement of Dissolution from you. The name of the partnership, the dissolution date, and a declaration that the partners have consented to the dissolution must all be included in this document.

A Wisconsin LLC must be renewed annually by submitting an Annual Report to the Wisconsin Department of Financial Institutions. The name of the LLC, the members’ names and addresses, and the registered agent’s name and address must all be included in this report. A filing fee is furthermore due.

Articles of Dissolution should be filed when? As soon as a decision to dissolve a corporation is reached, Articles of Dissolution should be submitted. The corporation will be formally dissolved and deleted from the state’s records as a result. The corporation will continue to exist until the Articles of Dissolution have been submitted to and authorized by the Wisconsin Department of Financial Institutions, which is a crucial point to remember.

In conclusion, closing a business in Wisconsin can be a difficult procedure. However, by adhering to the above instructions, you can make sure that everything goes as planned. Whether your company is a S corporation, a partnership, or an LLC, it is crucial to follow the required measures to dissolve it legally and prevent any future financial or legal problems.