You might have established a Limited Liability Company (LLC) as a business owner in Colorado to shield your private assets from any liabilities incurred by your company. But in Colorado, do you need to renew your LLC? You do, is the answer.
Every year, the Colorado Secretary of State must receive a Periodic Report from each LLC in the state. The report provides the state with an update on the LLC’s current operations and contact details. The report must be submitted online and costs $10. If the report is not submitted by the due date, the LLC might be administratively dissolved or assessed a late fee.
LLC owners can go to the Colorado Secretary of State’s website and register in order to file the Periodic Report. They can examine the LLC’s filing history after logging in and choose to “File Periodic Report” for the current year. The LLC must examine and, if necessary, update its contact and business details.
The Colorado Secretary of State must receive an Article of Dissolution from an LLC owner who desires to dissolve their company. The article acts as official notice to the state that the LLC has ceased operations. The name of the LLC, the date of dissolution, the cause of dissolution, and the signature of an authorized member or management must all be included in the article.
LLC owners in Colorado must comply with the state’s dissolution procedures, which include submitting the Article of Dissolution and paying off any outstanding debts or obligations, in order to dissolve an LLC. The LLC will cease to exist after the dissolution is accepted, and its name will then be available for use by another company.
LLCs may conduct business in Colorado under a Doing Business As (DBA) identity. A DBA is a name that a company employs for promotion and marketing that differs from its legal name. It is sometimes referred to as a trade name or fictitious name. By completing and submitting a Statement of Trade Name form, LLCs can submit a DBA application to the Colorado Secretary of State.
It’s crucial to understand that an LLC and a DBA are two different things. A limited liability company (LLC) protects its owners from unlimited responsibility and isolates their personal assets from corporate obligations. On the other hand, a DBA offers no legal protection and is simply a name used for marketing and promotion.
To sum up, LLCs in Colorado must submit a Periodic Report each year to update their state company registration. If LLC owners choose to dissolve their company, they must also follow the state’s dissolution procedure. In Colorado, LLCs are permitted to operate under a DBA, but it’s crucial to realize that a DBA is not the same as an LLC and offers no legal protection.