What is Iowa LLC Dissolution? |
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An Iowa LLC is created when the IA Secretary of State approves the Articles of Organization.
A record of the Iowa LLC is added to the list of LLCs which have officially registered with
the Iowa Secretary of State.
Once a LLC is registered with the Iowa 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 Iowa LLC is created when the IA Secretary of State approves the Articles of Organization.
A record of the Iowa LLC is added to the list of LLCs which have officially registered with
the Iowa Secretary of State.
Once a LLC is registered with the Iowa 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 Iowa LLC with the Iowa Secretary of State and want to cease business activities
you have to let the IA Secretary of State know that you intend to close your company.
Only after the IA Secretary of State has made sure that all of the obligations of the Iowa LLC have been fulfilled will
the Secretary of State approve of the closure of the company.
When the Iowa Secretary of State approves the closing of an IA LLC, that Iowa LLC is said to be
Dissolved.
The process of Dissolving an Iowa LLC is called Iowa LLC Dissolution.
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Why do I need to Dissolve an Iowa LLC? |
As soon as an Iowa LLC is registered with the IA Secretary of State, that LLC is responsible for
recurring obligations of the Iowa Secretary of State and the Iowa Iowa Department of Revenue.
If the Iowa LLC does not file reports or pay taxes then that IA Limited Liability Company could be responsible for
penalties which go up as time goes by.
Unless you Dissolve your Iowa LLC with the Iowa Secretary of State that IA 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 Iowa LLC? |
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Iowa LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.
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Iowa 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 Iowa Secretary of State;
and things that you have to do after the IA Secretary of State has approved Dissolution of the Iowa LLC.
What you have to do both before and after the Iowa LLC is Dissolved largely depends on if the Iowa LLC has commenced business
and how many assets, debts and liabilities, if any, that the IA Limited Liabilty Company has.
If the Iowa LLC has not commenced business then the IA Limited Liability Company Dissolution process is easier.
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What do I have to do before I Dissolve an Iowa LLC? |
Things you need to do before you Dissolve an Iowa LLC.
1. Hold a Members meeting and record a resolution to Dissolve the Iowa LLC
2. File a Statement of Dissolution with the IA Secretary of State
3. File all required Biennial Reports with the Iowa Secretary of State
4. Clear up any business debt
5. Pay all taxes and administrative fees owed by the Iowa LLC
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1. Hold a Members meeting and record a resolution to Dissolve the Iowa LLC
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If the Iowa LLC has any Members then a meeting should be held and a vote to Dissolve the Iowa Limited Liability Company taken.
Minutes of the meeting should be recorded and retained in the business records.
If the Iowa LLC does not have any Members then the Organizer(s) have to apply for Dissolution of the Iowa LLC.
- We can transcribe and compile minutes or approvals into a form that is legally recognized by the Iowa Secretary of State.
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2. File a Statement of Dissolution with the IA Secretary of State
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The Statement of Intent to Dissolve must be filed with the Iowa Secretary of State before
initiating the final stages of the Iowa LLC Dissolution process.
- We can prepare your Statement of Dissolution and file it with the IA Secretary of State.
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3. File all required Biennial Reports with the Iowa Secretary of State
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The Iowa Secretary of State will not approve the Dissolution of an IA LLC until all required
reports have been filed.
- We can file any required Biennial Report with the IA Secretary of State.
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4. Clear up any business debts
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All creditors of an Iowa 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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5. Pay all taxes and administrative fees owed by the Iowa LLC
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The Iowa Secretary of State will definitely not approve the Dissolution of an Iowa 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 Iowa LLC? |
Things you have to do after you Incorporate in Iowa.
1. Distribute all remaining assets of the Iowa LLC
2. Close all business bank accounts of the Iowa LLC
3. Cancel all local business licenses and permits
4. File Form 966 with the IRS
5. Cancel the IRS account associated with the IA LLC's Federal Tax ID (EIN)
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1. Distribute all remaining assets of the Iowa LLC
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If the Iowa LLC has any remaining assets, these may be divided according to the Members' ownership interests
in the IA 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 Iowa LLC
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If there are any business accounts that have been opened for the Iowa LLC then those accounts must be closed.
If Company Business accounts are left open there may be liability and obligations of the Dissolved Iowa LLC which could
lead to legal problems down the line.
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3. Cancel all local business licenses and permits of the IA LLC
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If the Iowa 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 Iowa 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 Iowa LLCs must file IRS Form 966 with the US Internal Revenue Service.
If an Iowa 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 Iowa 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 IA 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 Iowa LLC.
Once the IRS links an EIN to an Iowa LLC, that EIN stays with the Iowa LLC even after the Company has been Dissolved by the
Iowa Secretary of State.
When the IRS processes the final tax return for the Iowa 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 Iowa LLC down the line then the IRS will reactivate the old EIN for your new Business.
Before an Iowa LLC can close an EIN account, it must be in Good Standing with the IRS.
The Iowa LLC must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.
The Iowa 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 Iowa LLC? |
The time it takes to Dissolve an Iowa 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 Iowa Secretary of State usually takes around 2-3 business days to process the Statement of Termination.
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The time it takes to Dissolve an Iowa 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 Iowa Secretary of State usually takes around 2-3 business days to process the Statement of Termination.
Processing times for Iowa LLC Dissolution filings vary depending on the work load of the
Secretary of State's staff.
We've found that normal processing of Iowa Dissolution filings takes the state around 2-3 business days.
PLEASE NOTE: WE CANNOT GUARANTEE IOWA SECRETARY OF STATE PROCESSING TIMES.
We are dependent on, and have no control over, the staff and systems of the Iowa Secretary of State .
In our experience 2-3 business days is the time it usually takes the Iowa
Secretary of State to process an Iowa Dissolution filing.
We get your Iowa LLC Dissolution filing to the IA Secretary of State ASAP.
Once it is at the state we have no control over the Iowa Dissolution approval process.
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How much does it cost to Dissolve a LLC in Iowa? |
The total cost to Dissolve an Iowa LLC varies depending on exactly what is required for each specific
IA Dissolution.
We charge $224.00 plus any state fees for our Iowa LLC Dissolution services. This includes:
- Same day processing
- Transcribe minutes of Members meeting which proposes Dissolution
- Prepare and file Statement of Termination with the Iowa 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 IA Secretary of State
- Priority Mail Delivery of all documents
- Unlimited Customer Support
We also offer these Iowa 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 IA Domestic LLC? |
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If there are Foreign LLCs in states other than Iowa that are tied to the Domestic Iowa LLC then
each of those Foreign LLCs must be Dissolved before the Iowa LLC is legally Dissolved.
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How long before someone can use my LLC name in Iowa after I Dissolve? |
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An Iowa LLC company name becomes available for anyone to use when the Iowa Limited Liability Corporation is Dissolved by the Iowa Secretary of State.
There are no LLC company name protections in Iowa once an Iowa LLC has been Dissolved by the Iowa Secretary of State.
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Do I have to publish a Notice of Dissolution of the Iowa LLC? |
There are no state of Iowa requirements for the publication of a Notice of Dissolution of an Iowa LLC.
While the Iowa Secretary of State does not legally require the publication of a Notice of Dissolution of an Iowa LLC, publication is
a good way to notify anyone who might have a claim against the Iowa LLC.
Evidence of publication might prove useful down the line if someone makes a claim against the IA Limited Liability Company after
the Iowa LLC has been dissolved.
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