Thinking about closing your business? Proper dissolution protects you from future tax, legal, and compliance headaches. Here’s what you need to do:

1. Check your entity’s bylaws or operating agreement for any procedures set forth for dissolution of the entity
   
2. Satisfy outstanding debts with creditors prior to dissolution
   
3. File Articles of Dissolution with your state’s Department of Assessment and Taxation or relevant agency in your state, including cancellation of a trade name
   
4. Ensure all federal, state and county unemployment, withholding and sales & use tax accounts are current and in compliance
   
5. Cancel other relevant business registrations and licenses, e.g., mechanic, food handler’s, barber, etc.
   
6. Distribute remaining assets after satisfying debts
   
7. File final tax returns at the federal and state level
   
8. Keep records for at least 3–7 years or indefinitely. This will depend on the type of record being kept, such as payroll, tax, corporate, property, etc.

Failing to dissolve correctly can lead to penalties or unexpected tax bills. Need guidance? Sirius Tax Group can help you handle dissolution the right way.

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