What is North Carolina LLC Dissolution? |
|
A North Carolina LLC is created when the NC Secretary of State approves the Articles of Organization.
A record of the North Carolina LLC is added to the list of LLCs which have officially registered with
the North Carolina Secretary of State.
Once a LLC is registered with the North Carolina 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.
more...
|
less...
A North Carolina LLC is created when the NC Secretary of State approves the Articles of Organization.
A record of the North Carolina LLC is added to the list of LLCs which have officially registered with
the North Carolina Secretary of State.
Once a LLC is registered with the North Carolina 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 a North Carolina LLC with the North Carolina Secretary of State and want to cease business activities
you have to let the NC Secretary of State know that you intend to close your company.
Only after the NC Secretary of State has made sure that all of the obligations of the North Carolina LLC have been fulfilled will
the Secretary of State approve of the closure of the company.
When the North Carolina Secretary of State approves the closing of a NC LLC, that North Carolina LLC is said to be
Dissolved.
The process of Dissolving a North Carolina LLC is called North Carolina LLC Dissolution.
|
Why do I need to Dissolve a North Carolina LLC? |
As soon as a North Carolina LLC is registered with the NC Secretary of State, that LLC is responsible for
recurring obligations of the North Carolina Secretary of State and the North Carolina Department of Revenue.
If the North Carolina LLC does not file reports or pay taxes then that NC Limited Liability Company could be responsible for
penalties which go up as time goes by.
Unless you Dissolve your North Carolina LLC with the North Carolina Secretary of State that NC Limited Liability Company will be responsible for
all recurring fees and penalties.
|
What do I have to do to Dissolve a North Carolina LLC? |
|
North Carolina LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.
more...
|
less...
North Carolina 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 North Carolina Secretary of State;
and things that you have to do after the NC Secretary of State has approved Dissolution of the North Carolina LLC.
What you have to do both before and after the North Carolina LLC is Dissolved largely depends on if the North Carolina LLC has commenced business
and how many assets, debts and liabilities, if any, that the NC Limited Liabilty Company has.
If the North Carolina LLC has not commenced business then the NC Limited Liability Company Dissolution process is easier.
|
What do I have to do before I Dissolve a North Carolina LLC? |
Things you need to do before you Dissolve a North Carolina LLC.
1. Hold a Members meeting and record a resolution to Dissolve the North Carolina LLC
2. File all required Annual Reports with the North Carolina Secretary of State
3. Clear up any business debt
4. Pay all taxes and administrative fees owed by the North Carolina LLC
more...
|
less...
|
|
1. Hold a Members meeting and record a resolution to Dissolve the North Carolina LLC
|
If the North Carolina LLC has any Members then a meeting should be held and a vote to Dissolve the North Carolina Limited Liability Company taken.
Minutes of the meeting should be recorded and retained in the business records.
If the North Carolina LLC does not have any Members then the Organizer(s) have to apply for Dissolution of the North Carolina LLC.
- We can transcribe and compile minutes or approvals into a form that is legally recognized by the North Carolina Secretary of State.
|
|
2. File all required Annual Reports with the North Carolina Secretary of State
|
The North Carolina Secretary of State will not approve the Dissolution of a NC LLC until all required
reports have been filed.
- We can file any required Annual Report with the NC Secretary of State.
|
|
3. Clear up any business debts
|
|
All creditors of a North Carolina 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.
|
|
4. Pay all taxes and administrative fees owed by the North Carolina LLC
|
|
The North Carolina Secretary of State will definitely not approve the Dissolution of a North Carolina LLC until all
outstanding taxes and applicable registration and administrative fees have been paid.
|
less...
|
|
What do I have to do after I Dissolve a North Carolina LLC? |
Things you have to do after you Incorporate in North Carolina.
1. Distribute all remaining assets of the North Carolina LLC
2. Close all business bank accounts of the North Carolina LLC
3. Cancel all local business licenses and permits
4. File Form 966 with the IRS
5. Cancel the IRS account associated with the NC LLC's Federal Tax ID (EIN)
more...
|
less...
|
|
1. Distribute all remaining assets of the North Carolina LLC
|
|
If the North Carolina LLC has any remaining assets, these may be divided according to the Members' ownership interests
in the NC Limited Liability Company.
All distributions to LLC Members must be reported to the IRS.
|
|
2. Close all business bank accounts of the North Carolina LLC
|
|
If there are any business accounts that have been opened for the North Carolina LLC then those accounts must be closed.
If Company Business accounts are left open there may be liability and obligations of the Dissolved North Carolina LLC which could
lead to legal problems down the line.
|
|
3. Cancel all local business licenses and permits of the NC LLC
|
|
If the North Carolina 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 North Carolina LLC.
This includes business registration licenses as well as reseller permits.
|
|
4. File IRS Form 966
|
Most Dissolved North Carolina LLCs must file IRS Form 966 with the US Internal Revenue Service.
If a North Carolina 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 North Carolina LLC has been legally Dissolved
so that it may take the appropriate actions.
- We can prepare IRS Form 966 for you to file.
|
|
5. Cancel the IRS account associated with the NC LLC's Federal Tax ID (EIN)
|
A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the North Carolina LLC.
Once the IRS links an EIN to a North Carolina LLC, that EIN stays with the North Carolina LLC even after the Company has been Dissolved by the
North Carolina Secretary of State.
When the IRS processes the final tax return for the North Carolina 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 North Carolina LLC down the line then the IRS will reactivate the old EIN for your new Business.
Before a North Carolina LLC can close an EIN account, it must be in Good Standing with the IRS.
The North Carolina LLC must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.
The North Carolina 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.
|
|
How long does it take to Dissolve a North Carolina LLC? |
The time it takes to Dissolve a North Carolina 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 North Carolina Secretary of State usually takes around 5-10 business days to process the Articles of Dissolution.
more...
|
less...
|
The time it takes to Dissolve a North Carolina 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 North Carolina Secretary of State usually takes around 5-10 business days to process the Articles of Dissolution.
Processing times for North Carolina LLC Dissolution filings vary depending on the work load of the
Secretary of State's staff.
We've found that normal processing of North Carolina Dissolution filings takes the state around 5-10 business days.
PLEASE NOTE: WE CANNOT GUARANTEE NORTH CAROLINA SECRETARY OF STATE PROCESSING TIMES.
We are dependent on, and have no control over, the staff and systems of the North Carolina Secretary of State .
In our experience 5-10 business days is the time it usually takes the North Carolina
Secretary of State to process a North Carolina Dissolution filing.
We get your North Carolina LLC Dissolution filing to the NC Secretary of State ASAP.
Once it is at the state we have no control over the North Carolina Dissolution approval process.
|
|
How much does it cost to Dissolve a LLC in North Carolina? |
The total cost to Dissolve a North Carolina LLC varies depending on exactly what is required for each specific
NC Dissolution.
We charge $224.00 plus any state fees for our North Carolina LLC Dissolution services. This includes:
- Same day processing
- Transcribe minutes of Members meeting which proposes Dissolution
- Prepare and file Articles of Dissolution with the North Carolina 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 NC Secretary of State
- Priority Mail Delivery of all documents
- Unlimited Customer Support
We also offer these North Carolina LLC Dissolution services separately as explained on the right side of this web page.
|
What do I have to do if I want to Dissolve a Foreign LLC that is tied to a NC Domestic LLC? |
|
If there are Foreign LLCs in states other than North Carolina that are tied to the Domestic North Carolina LLC then
each of those Foreign LLCs must be Dissolved before the North Carolina LLC is legally Dissolved.
|
Can I revoke Dissolution after it is approved by North Carolina? |
|
A North Carolina Limited Liability Company may revoke their Articles of Dissolution by filing a Cancellation of Articles Dissolution. with the NC Secretary of State.
|
How long before someone can use my LLC name in North Carolina after I Dissolve? |
|
The company name of a Dissolved NC Limited Liability Company may not be used by another North Carolina Corporation or LLC within 120 days of the date on which the North Carolina Secretary of State approved the Dissolution of the NC LLC.
After 120 days the company name becomes available to any North Carolina Corporation or LLC.
There are no protections on the use of a North Carolina company name after 120 days from the date of Dissolution.
|
Do I have to publish a Notice of Dissolution of the North Carolina LLC? |
There are no state of North Carolina requirements for the publication of a Notice of Dissolution of a North Carolina LLC.
While the North Carolina Secretary of State does not legally require the publication of a Notice of Dissolution of a North Carolina LLC, publication is
a good way to notify anyone who might have a claim against the North Carolina LLC.
Evidence of publication might prove useful down the line if someone makes a claim against the NC Limited Liability Company after
the North Carolina LLC has been dissolved.
|