What is Indiana LLC Dissolution? |
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An Indiana LLC is created when the IN Secretary of State approves the Articles of Organization.
A record of the Indiana LLC is added to the list of LLCs which have officially registered with
the Indiana Secretary of State.
Once a LLC is registered with the Indiana Secretary of State, that LLC immediately has both reporting and tax
obligations which incur penalties if the obligations are not met by the required deadlines.
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An Indiana LLC is created when the IN Secretary of State approves the Articles of Organization.
A record of the Indiana LLC is added to the list of LLCs which have officially registered with
the Indiana Secretary of State.
Once a LLC is registered with the Indiana Secretary of State, that LLC immediately has both reporting and tax
obligations which incur penalties if the obligations are not met by the required deadlines.
If you've registered an Indiana LLC with the Indiana Secretary of State and want to cease business activities
you have to let the IN Secretary of State know that you intend to close your company.
Only after the IN Secretary of State has made sure that all of the obligations of the Indiana LLC have been fulfilled will
the Secretary of State approve of the closure of the company.
When the Indiana Secretary of State approves the closing of an IN LLC, that Indiana LLC is said to be
Dissolved.
The process of Dissolving an Indiana LLC is called Indiana LLC Dissolution.
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Why do I need to Dissolve an Indiana LLC? |
As soon as an Indiana LLC is registered with the IN Secretary of State, that LLC is responsible for
recurring obligations of the Indiana Secretary of State and the Indiana Department of Revenue.
If the Indiana LLC does not file reports or pay taxes then that IN Limited Liability Company could be responsible for
penalties which go up as time goes by.
Unless you Dissolve your Indiana LLC with the Indiana Secretary of State that IN Limited Liability Company will be responsible for
all recurring fees and penalties.
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What do I have to do to Dissolve an Indiana LLC? |
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Indiana LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.
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Indiana LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.
There are things you need to do before you can request approval of LLC Dissolution from the Indiana Secretary of State;
and things that you have to do after the IN Secretary of State has approved Dissolution of the Indiana LLC.
What you have to do both before and after the Indiana LLC is Dissolved largely depends on if the Indiana LLC has commenced business
and how many assets, debts and liabilities, if any, that the IN Limited Liabilty Company has.
If the Indiana LLC has not commenced business then the IN Limited Liability Company Dissolution process is easier.
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What do I have to do before I Dissolve an Indiana LLC? |
Things you need to do before you Dissolve an Indiana LLC.
1. Hold a Members meeting and record a resolution to Dissolve the Indiana LLC
2. File all required Biennial Business Entity Reports with the Indiana Secretary of State
3. Clear up any business debt
4. Pay all taxes and administrative fees owed by the Indiana LLC
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1. Hold a Members meeting and record a resolution to Dissolve the Indiana LLC
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If the Indiana LLC has any Members then a meeting should be held and a vote to Dissolve the Indiana Limited Liability Company taken.
Minutes of the meeting should be recorded and retained in the business records.
If the Indiana LLC does not have any Members then the Organizer(s) have to apply for Dissolution of the Indiana LLC.
- We can transcribe and compile minutes or approvals into a form that is legally recognized by the Indiana Secretary of State.
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2. File all required Biennial Business Entity Reports with the Indiana Secretary of State
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The Indiana Secretary of State will not approve the Dissolution of an IN LLC until all required
reports have been filed.
- We can file any required Biennial Business Entity Report with the IN Secretary of State.
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3. Clear up any business debts
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All creditors of an Indiana LLC should be given notice of the pending LLC Dissolution.
Each creditor should be given a mailing address to which they may submit claims as well as a deadline by which claims may
be submitted.
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4. Pay all taxes and administrative fees owed by the Indiana LLC
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The Indiana Secretary of State will definitely not approve the Dissolution of an Indiana LLC until all
outstanding taxes and applicable registration and administrative fees have been paid.
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What do I have to do after I Dissolve an Indiana LLC? |
Things you have to do after you Incorporate in Indiana.
1. Distribute all remaining assets of the Indiana LLC
2. Close all business bank accounts of the Indiana LLC
3. Cancel all local business licenses and permits
4. File Form 966 with the IRS
5. Cancel the IRS account associated with the IN LLC's Federal Tax ID (EIN)
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1. Distribute all remaining assets of the Indiana LLC
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If the Indiana LLC has any remaining assets, these may be divided according to the Members' ownership interests
in the IN Limited Liability Company.
All distributions to LLC Members must be reported to the IRS.
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2. Close all business bank accounts of the Indiana LLC
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If there are any business accounts that have been opened for the Indiana LLC then those accounts must be closed.
If Company Business accounts are left open there may be liability and obligations of the Dissolved Indiana LLC which could
lead to legal problems down the line.
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3. Cancel all local business licenses and permits of the IN LLC
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If the Indiana LLC has obtained any state, regional, county or city business licenses or permits, each
of those must be cancelled to avoid any reporting or fiscal obligations of the Indiana LLC.
This includes business registration licenses as well as reseller permits.
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4. File IRS Form 966
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Most Dissolved Indiana LLCs must file IRS Form 966 with the US Internal Revenue Service.
If an Indiana LLC is required to file IRS Form 966, the filing is required within 30 days after the final Dissolution
plan is approved.
Filing IRS Form 966 lets the Federal Government know that the Indiana LLC has been legally Dissolved
so that it may take the appropriate actions.
- We can prepare IRS Form 966 for you to file.
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5. Cancel the IRS account associated with the IN LLC's Federal Tax ID (EIN)
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A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Indiana LLC.
Once the IRS links an EIN to an Indiana LLC, that EIN stays with the Indiana LLC even after the Company has been Dissolved by the
Indiana Secretary of State.
When the IRS processes the final tax return for the Indiana LLC, they automatically make the EIN inactive.
However, the account associated with the EIN is not automatically closed.
Closing the account associated with the EIN lessens the likelihood of any problems with the EIN account, or with the IRS, in the future.
If you should decide to revivie the Indiana LLC down the line then the IRS will reactivate the old EIN for your new Business.
Before an Indiana LLC can close an EIN account, it must be in Good Standing with the IRS.
The Indiana LLC must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.
The Indiana LLC cannot close its EIN account until the IRS has received payment for any tax amounts the Company may owe.
- We can prepare the formal documents which you can sign and submit to the IRS in order to close the account
associated with your EIN.
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How long does it take to Dissolve an Indiana LLC? |
The time it takes to Dissolve an Indiana LLC varies depending on how long it takes to complete the actions that are
required in each specific case - holding meetings, closing accounts, distributing assets, etc.
Once the initial actions are completed, the Indiana Secretary of State usually takes around 3-5 business days to process the Articles of Dissolution.
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The time it takes to Dissolve an Indiana LLC varies depending on how long it takes to complete the actions that are
required in each specific case - holding meetings, closing accounts, distributing assets, etc.
Once the initial actions are completed, the Indiana Secretary of State usually takes around 3-5 business days to process the Articles of Dissolution.
Processing times for Indiana LLC Dissolution filings vary depending on the work load of the
Secretary of State's staff.
We've found that normal processing of Indiana Dissolution filings takes the state around 3-5 business days.
PLEASE NOTE: WE CANNOT GUARANTEE INDIANA SECRETARY OF STATE PROCESSING TIMES.
We are dependent on, and have no control over, the staff and systems of the Indiana Secretary of State .
In our experience 3-5 business days is the time it usually takes the Indiana
Secretary of State to process an Indiana Dissolution filing.
We get your Indiana LLC Dissolution filing to the IN Secretary of State ASAP.
Once it is at the state we have no control over the Indiana Dissolution approval process.
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How much does it cost to Dissolve a LLC in Indiana? |
The total cost to Dissolve an Indiana LLC varies depending on exactly what is required for each specific
IN Dissolution.
We charge $224.00 plus any state fees for our Indiana LLC Dissolution services. This includes:
- Same day processing
- Transcribe minutes of Members meeting which proposes Dissolution
- Prepare and file Articles of Dissolution with the Indiana Secretary of State
- Prepare US IRS Form 966 for you to sign and file
- Prepare documents to cancel Federal EIN account
- Certified copy of Dissolution filing from IN Secretary of State
- Priority Mail Delivery of all documents
- Unlimited Customer Support
We also offer these Indiana LLC Dissolution services separately as explained on the right side of this web page.
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What do I have to do if I want to Dissolve a Foreign LLC that is tied to an IN Domestic LLC? |
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If there are Foreign LLCs in states other than Indiana that are tied to the Domestic Indiana LLC then
each of those Foreign LLCs must be Dissolved before the Indiana LLC is legally Dissolved.
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Can I revoke Dissolution after it is approved by Indiana? |
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The Dissolution of an Indiana Limited Liability Company can be revoked by filing with the Indiana Secretary of State within 120 days of the date on which the Indiana Secretary of State approved the Indiana LLC's Dissolution.
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How long before someone can use my LLC name in Indiana after I Dissolve? |
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An Indiana LLC company name becomes available for anyone to use when the Indiana Limited Liability Company is Dissolved by the Indiana Secretary of State.
There are no LLC company name protections in Indiana once an Indiana LLC has been Dissolved by the Indiana Secretary of State.
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Do I have to publish a Notice of Dissolution of the Indiana LLC? |
There are no state of Indiana requirements for the publication of a Notice of Dissolution of an Indiana LLC.
While the Indiana Secretary of State does not legally require the publication of a Notice of Dissolution of an Indiana LLC, publication is
a good way to notify anyone who might have a claim against the Indiana LLC.
Evidence of publication might prove useful down the line if someone makes a claim against the IN Limited Liability Company after
the Indiana LLC has been dissolved.
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