How to Dissolve an LLC in NY

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How do I dissolve an LLC in NY?
To dissolve your New York LLC, you must submit the completed Articles of Dissolution form to the New York Department of State by mail, fax or in person, along with the filing fee. The New York Department of State does not require original signatures on filed documents.
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In New York, Limited Liability Companies (LLCs) are a common form of corporate organization. However, some owners may need to dissolve an LLC because not all of them are successful. An LLC can be dissolved formally by submitting the necessary documentation to the state. This post will go over how to dissolve an LLC in New York and address any pertinent issues.

How Can an LLC Be Dissolved?

Checking the operating agreement is the first step in dissolving an LLC. The agreement may specify how to dissolve the LLC in detail. If there is no mention of the matter in the agreement, the LLC should dissolve in accordance with state legislation.

You must submit a Certificate of Dissolution to the New York Department of State in order to dissolve an LLC in New York. The name, founding date, and cause of dissolution of the LLC are all required on the form. Additionally, you must describe the LLC’s assets and liabilities.

Make that the LLC has paid all debts, taxes, and other responsibilities before submitting the Certificate of Dissolution. Additionally, you should inform your creditors and other business associates of the divorce. You must abide by all applicable state and federal regulations regarding employee termination if the LLC employs employees.

What is a dissolution certificate in relation to this?

A Dissolution Certificate is a legal record that attests to an LLC’s official dissolution. It acts as evidence that the LLC is no longer active and is filed with the state’s business authorities. Banks, creditors, or other organizations that have done business with the LLC in the past might demand to see the certificate.

Where do I mail my Articles of Dissolution in New York, you could possibly inquire?

The New York Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231 is the place where you can send the Certificate of Dissolution. The form can be submitted online or by mail. There is a $60 filing fee.

In conclusion, it takes careful planning and adherence to state requirements to dissolve an LLC in New York. It is crucial to follow the right procedures and inform all parties involved of the dissolution. These methods will let you dissolve your LLC legally so that you can move on to new prospects.

FAQ
Keeping this in consideration, what happens to debt when llc is dissolved?

Before any leftover assets are given to the members of an LLC in New York, the LLC’s debts and liabilities must be paid off or settled. Members may be held personally accountable for the remaining debt if the LLC is unable to satisfy its obligations. To protect yourself from any potential personal accountability for an LLC’s debts, it’s crucial to dissolve an LLC correctly.

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