There are specific procedures you must take if you intend to dissolve your corporation in Utah. These steps are necessary to guarantee that the procedure is carried out truthfully and legally. An instruction manual for removing a corporation from Utah is provided below:
Conducting a shareholder vote is the first stage. The decision to dissolve the corporation will be put to a vote at a meeting of all shareholders, which will be called by the board of directors of the company. A majority of the shareholders must vote in favor of the withdrawal for it to pass.
The corporation must submit the Articles of Dissolution to the Utah Division of Corporations and Commercial Code when the vote is over. To properly disband the corporation, you must have this document. The name of the corporation, its formation date, and a declaration that the corporation has been dissolved must all be included in the Articles of Dissolution.
Distribute Assets and Pay Debts in Step Four The Corporation shall disperse its assets and settle all taxes and fees then due and payable. This also entails sharing any leftover profits with the stockholders.
Can an LLC possess another LLC? An LLC may indeed own another LLC. A popular structure used by businesses to safeguard their assets and reduce liability is an LLC hierarchy. Can a DBA Have More Than One Owner?
A DBA may really have more than one owner. A “doing business as” (DBA) name is the name that a company employs in place of its legal name. A single DBA name can be used by many owners. Can Two Companies Use the Same DBA Name?
Utah LLC Dissolution Procedure
You must submit Articles of Termination to the Utah Division of Corporations and Commercial Code in order to dissolve a Utah LLC. The name of the LLC, its formation date, and a declaration that the LLC has been dissolved must all be included in this document. Before dissolving, the LLC must also distribute its assets, settle any obligations it owes, pay any unpaid taxes and fees, and disperse its assets.
In conclusion, there are precise procedures that must be followed in Utah in order to withdraw a corporation correctly and lawfully. Additionally, DBAs can have numerous owners and LLCs can own other LLCs, but in Utah, two businesses cannot share the same DBA name. The final step in dissolving a Utah LLC is to submit Articles of Termination, pay any taxes and fees due, distribute assets, and settle any remaining obligations.
You must revoke your business registration with the Utah Division of Corporations and Commercial Code in order to dissolve a sole proprietorship in Utah. Additionally, you might need to revoke any licenses or permissions that were specially secured for your company. In order to make sure that all necessary measures are followed to properly terminate your firm, it is advised that you speak with a business attorney or accountant.