Dissolution of a Company means you are permanently closing your corporation or LLC. If properly closed, you officially end the existence of your company and are no longer required to pay or file further annual fees and/or taxes on the company. However, closing a business is not as easy as just turning off the lights. The process of Dissolution involves many forms and steps, and different states have different regulations as to the process. These are the steps you must take for effective business dissolution in North Carolina.
1. If you’ve formed an entity, you must conduct a lawful vote to dissolve the company. The meeting must be properly noticed and all applicable statutes and organizational documents must be followed. If your business has an operating agreement, all of the provisions in the agreement pertaining to a dissolution vote must be followed. If it is an LLC without an operating agreement, all owners, or members, must agree in writing to dissolve the LLC. If your LLC does not have any members, a majority of organizers — the individuals who submitted the Articles of Organization — must agree to dissolve the LLC. The Dissolution of a Corporation is different from an LLC and had different requirements.
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