Katz and Co have worked with clients for 30+ years on both business formations and business dissolutions of all types.
Business Dissolution Professional Services
Both federal and laws specific to individual states must be followed. Mistakes in a business dissolution can be costly and have long-term repercussions.
Katz and Co can take you through the entire process of business dissolution to ensure compliance, tax consequences, and legal ramifications.
When closing a business, there are certain steps every business owner must be sure to follow.
Whether it’s for financial reasons, retirement, or simply because you’ve had enough of the business, there are myriad issues involved in winding down a business.
Closing your business isn’t as easy as simply hanging a “closed” sign in the window. A business dissolution has complex financial ramifications, tax issues, and personal relationships with employees, customers, and suppliers to consider during the process of shutting down.
Guiding You Through the Business Dissolution Process
While closing a business is a difficult facet of the business experience, it can be made a smoother and less traumatic experience if you have a skilled agent to guide you in the proper and necessary steps required. Katz&Co located in Bethesda, Maryland understands the different requirements and regulations for business dissolution for sole proprietors, partnerships, and corporations.
To avoid possible liabilities, you must follow the requirements of your Business Articles and agreements (except for individual businesses).
Katz&Co will guide you through the process, which for certain partnerships and corporate structures can be complex.
Sole proprietors don’t have to file anything with the state while other business structures must comply with regulations. In any case, they must resolve any outstanding issues with creditors, suppliers, employees, and customers.
Limited and general partnerships that filed with the state at the inception of the partnership must file dissolution papers with the state as part of the business dissolution process. Even if your partnership isn’t required to file paperwork with the state, it’s always a good idea to do so. By filing business dissolution papers with the state, you place creditors on notice that the business cannot incur any further business debt. Because partners are personally liable for business debts of the partnership, and any partner can make decisions that obligate the partnership, if the intent is to end the partnership, you should give notice to the state so that your partners can’t burden the partnership with further obligations or debt.
Here are other areas where Katz&Co will provide expert advice and service to keep you from future illegal and financial exposure:
- Notify the IRS and State and Local Tax Agencies
- Cancel Business Licenses
- Notification to Creditors
- Collecting Money Owed to the Business
- Others You Need to Properly Inform:
- Selling and Distributing Your Assets
Katz&Co will support and advise you in every step of the business dissolution process, minimizing the risk of future legal or financial issues.
You can find out more about our services by following the links above of call or phone us for more information or to set up a consultative meeting in our convenient Bethesda offices.