An LLC can be dissolved in Maryland through a multi-step process. This article will walk you through the Maryland LLC dissolution process and provide you with some associated information. How do you terminate an LLC?
1. Review the operating agreement for your LLC. It should contain instructions on how to dissolve the LLC. You can adhere to Maryland law’s standard provisions if your operating agreement does not contain any dissolution clauses.
2. Submit Articles of Dissolution to the Maryland Department of Assessments and Taxation (SDAT): You must submit Articles of Dissolution to the SDAT. Online or mail-in filing is an option. The name of your LLC, the date it was formed, the cause of dissolution, and the effective date of dissolution must all be included in the Articles of Dissolution.
3. Notify creditors and other interested parties: You must alert any creditors and other persons to whom it may be relevant that your LLC has been dissolved. Sending them a letter or putting a notice in a newspaper are both acceptable methods of doing this.
4. Revocation of any licenses and permits: You must revoke any licenses and permits that your LLC has received from federal, state, or municipal authorities. 5. Pay all unpaid taxes and obligations: You must settle all unpaid taxes and debts owed to your LLC.
Can an LLC that has been dissolved in Maryland be revived? In Maryland, you can restore a disbanded LLC. You must submit an Application for Reinstatement and the Reinstatement Fee to the SDAT. Additionally, you must submit any overdue yearly reports and pay any fines.
If you file online, the cost to dissolve an LLC in Maryland is $100; if you file by mail, the cost is $120. The publication of a notice in a newspaper and the cancellation of licenses and permits could incur further costs.
The manner in which a firm is dissolved in Maryland varies on the kind of corporate entity. For instance, you do not need to file any official documentation to dissolve a sole proprietorship or partnership. Only your clients and creditors need to be made aware of the dissolution. The steps outlined in the Maryland General Corporation Law must be followed if you have a corporation.
The procedure of dissolving an LLC in Maryland is simple and include filing Articles of Dissolution with the SDAT, notifying creditors and other interested parties, revoked licenses and permits, and payment of any outstanding obligations and taxes. An Application for Reinstatement must be submitted to the SDAT in order to reestablish a disbanded LLC. If you file online, the cost to dissolve an LLC in Maryland is $100; if you file by mail, the cost is $120. You must adhere to the procedures outlined in the applicable Maryland law if you need to dissolve a business other than an LLC.