Closing a small business in Florida can seem daunting, but with the right knowledge it can be a relatively straightforward process. In this article, you will learn the steps to closing a small business in Florida, including dissolving or withdrawing the business and filing articles of dissolution. You will also learn about the Certificate of Dissolution and other requirements that must be fulfilled before closing a business in Florida.
How to Close a Small Business in Florida?
Closing a small business in Florida involves dissolving or withdrawing the business, filing articles of dissolution, and satisfying other requirements. The process is as follows:
Step 1: Call Your Lawyer
Call a lawyer to ensure that you are following the right procedures to dissolve your business. An experienced lawyer can help ensure that you understand the process and provide guidance in filing the necessary paperwork.
Step 2: Hold a Shareholders Meeting
Hold a shareholders meeting to approve the dissolution of the business. This is a requirement before filing articles of dissolution.
Step 3: Find the Right Articles of Dissolution for Your Business
The type of business entity will determine the type of Articles of Dissolution that must be filed. For example, if the business is an LLC, Articles of Dissolution for LLC must be filed. The Articles of Dissolution can be found on the Florida Department of State’s Division of Corporations website.
Step 4: Notify Creditors and Employees
Notify all creditors, employees, and other parties that may have an interest in the business of its dissolution. This is a requirement for all businesses in Florida.
Step 5: File Articles of Dissolution and Pay Fees
File the Articles of Dissolution with the Florida Department of State’s Division of Corporations. There may be fees associated with filing the Articles of Dissolution. Once the Articles of Dissolution have been filed, the business is officially dissolved.
Step 6: File a Certificate of Dissolution
The State of Florida requires most closing businesses to file what is known as a Certificate of Dissolution. This document must be filed with the Department of State and there may be fees associated with filing it.
Step 7: Cancel Any Licenses and Permits
Cancel any licenses and permits that the business had. This includes any professional licenses and permits required by the state of Florida.
Conclusion
Closing a small business in Florida involves a few steps, including dissolving or withdrawing the business and filing articles of dissolution. It is important to understand the process and all of the requirements before closing a business in Florida. For more information about selling a business and business brokers, visit Atlantabusinesses.com, a great resource for answers to all your questions.
What is the expense of shutting down a business in Florida?
In Florida, the Division of Corporations charges a fee of $35 to dissolve a corporation. Additionally, for each certified copy of the filing, there is an extra cost of $8.75. Lastly, obtaining a Certificate of Status to demonstrate the dissolution of the corporation also requires a fee of $8.75.
What is the legal process for shutting down my business in Florida?
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Step 1: Consult Your Legal Representative. …
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Step 2: Hold a Meeting of Shareholders. …
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Step 3: Identify the Appropriate Articles of Dissolution for Your Business. …
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Step 4: Alert Suppliers, Creditors, and Staff. …
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Step 5: Cover the Filing Cost.
What is the process for terminating my Florida business license?
In order to officially terminate the business, you must submit a dissolution document to the Division. If you are dissolving a Florida corporation or LLC, you must submit Articles of Dissolution. The Division will accept documents either online, via mail, or in person at the office located in Tallahassee.
Is it possible to dissolve my LLC in the state of Florida?
The Florida limited liability company can be dissolved voluntarily by filing Articles of Dissolution. Upon submission of the form, the entity will cease to exist. The form is simple and meets the legal standards outlined in section 605.0707 of the Florida Statutes.
How can a business be shut down most conveniently?
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Complete and file a Certificate of Dissolution, Surrender, or Cancellation with the California Secretary of State.
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Ensure all overdue tax returns have been submitted and that all taxes, including any fees, penalties, and interest, have been paid.
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Submit the most recent year’s tax return.
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Discontinue carrying out business activities in California after the last taxable year.
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Fill out and submit a Certificate of Dissolution, Surrender, or Cancellation to the California Secretary of State.
What is the process for shutting down a sole proprietorship in Florida?
1. Let your customers know that you are ending the operations of the sole proprietorship.
2. Let your creditors know that you are terminating the business and ask for a final invoice so that you can pay off all your debts.
3. Pay off any remaining business liabilities.
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