Business dissolution can be a complicated process. However, it is necessary if you want to avoid legal hassle down the road from improperly dissolving your business. In the state of Colorado, there are several steps you must take to legally and completely dissolve your business. Our firm has guided numerous clients successfully through the process, and we can provide informative and personal services from start to finish.
What are 5 steps that are necessary in order to dissolve your Colorado business?
- Obtain agreement to dissolve according to corporation formalities & contracts
- File a Certification of Dissolution (Articles of Dissolution)
- File federal, state, and local tax returns
- Notify creditors, customers, and employees
- Settle creditors’ claims and distribute remaining assets
If you are involved in a limited liability company (LLC) or corporation, your shareholders and the board of directors must grant approval to begin the dissolution process. Smaller businesses may obtain agreement from shareholders and certain members. In the Articles of Dissolution, you must include information regarding your business’s name, address, date the dissolution was authorized, and other filing information. Once you complete all 5 steps, your business will be considered legally dissolved.
Once your LLC has been dissolved, you will need to file a statement of dissolution with the Secretary of State. This will need to include the following pieces of information:
- the name of your LLC; and
- the LLC’s principal office address
- LLC’s state ID number
Dissolve Your Business with the Help of Our Attorneys
At Jorgensen, Brownell & Pepin, P.C., we have a thorough knowledge of federal and state business dissolution laws. Whatever your situation, we can answer your questions and help you file the necessary paperwork. With more than 25 years of legal experience, our Longmont business lawyers can provide effective services.
Contact our firm to discuss your case with our legal advocate.