How to Dissolve a LLC in Vermont (How to legally Close a Vermont Business)
VERMONT BUSINESS SERVICES CORPORATION Incorporate in Vermont Vermont Professional Corporation Vermont Nonprofit Corporation VT Corporation Foreign Qualification Vermont Corporation Annual Report Vermont Corporation Dissolution LLC Form a LLC in Vermont VT LLC Foreign Qualification Vermont LLC Annual Report Vermont LLC Dissolution OTHER VERMONT BUSINESS SERVICES Vermont Good Standing Certificate Vermont Apostille Vermont DBA Name Vermont Registered Agent VT Corporation Kit and Seal Vermont Certified Copies VT Business Reinstatement VT Company Name Reservation VT Tax Status Compliance Certificate VT Attorney Good Standing Certificate Vermont Property Deed VT Employer Requirements QUICK ENTRY FORMS Vermont Incorporation Vermont LLC VT Professional Corporation VT Nonprofit Corporation VT Foreign Corporation VT Foreign LLC VT LLC Dissolution VT Corporation Dissolution CORPORATE GLOSSARY   Administrative Dissolution Agent for Service of Process Apostille Apportionment Articles of Incorporation Articles of Organization Assumed Name At Will LLC Authorized Shares B Corporation Benefit Corporation Board of Directors Business Dissolution Business Entity Bylaws Certificate of Existence Certificate of Status Certified Copy Close Corporation Common Stock Conversion Corporate Bylaws Corporate Name Reservation Corporate Stock DBA Disregarded Entity Dividends ESOP Excise Tax Federal Tax ID Ficticious Name Foreign Qualification Franchise Tax General Partnership Good Standing Certificate Incorporator Involuntary Dissolution IRS Form 966 ITIN Limited Liability Company Limited Partnership Liquidation LLC LP Majority Shareholder Meetings Merger Nexus Non-Stock Corporation Nonprofit Corporation Obligated Member LLC Organizer Paid-in Capital Paid-in Surplus Par Value Personal Service Corporation Preferred Stock Privilege Tax Professional Corporation Professional Service Proxy Registered Agent Registered Office Reporting Requirements Revocation S Corporation Series LLC Service Mark Shareholder Sole Proprietor Stated Capital Statutory Agent Stock Certificate Term LLC Trade Name Trademark Trust Trustee Winding Up	What is Vermont LLC Dissolution? A Vermont LLC is created when the VT Secretary of State approves the Articles of Organization. A record of the Vermont LLC is added to the list of LLCs which have officially registered with the Vermont Secretary of State.  Once a LLC is registered with the Vermont 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 Vermont LLC is created when the VT Secretary of State approves the Articles of Organization. A record of the Vermont LLC is added to the list of LLCs which have officially registered with the Vermont Secretary of State.  Once a LLC is registered with the Vermont 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 Vermont LLC with the Vermont Secretary of State and want to cease business activities you have to let the VT Secretary of State know that you intend to close your company.  Only after the VT Secretary of State has made sure that all of the obligations of the Vermont LLC have been fulfilled will the Secretary of State approve of the closure of the company. When the Vermont Secretary of State approves the closing of a VT LLC, that Vermont LLC is said to be Dissolved.   The process of Dissolving a Vermont LLC is called Vermont LLC Dissolution. Why do I need to Dissolve a Vermont LLC? As soon as a Vermont LLC is registered with the VT Secretary of State, that LLC is responsible for recurring obligations of the Vermont Secretary of State and the Vermont Department of Taxes.  If the Vermont LLC does not file reports or pay taxes then that VT Limited Liability Company could be responsible for penalties which go up as time goes by. Unless you Dissolve your Vermont LLC with the Vermont Secretary of State that VT Limited Liability Company will be responsible for all recurring fees and penalties. What do I have to do to Dissolve a Vermont LLC? Vermont LLC Dissolution is one part of a larger process commonly called the "Winding Up" process.   more... less... Vermont 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 Vermont Secretary of State; and things that you have to do after the VT Secretary of State has approved Dissolution of the Vermont LLC.  What you have to do both before and after the Vermont LLC is Dissolved largely depends on if the Vermont LLC has commenced business and how many assets, debts and liabilities, if any, that the VT Limited Liabilty Company has.  If the Vermont LLC has not commenced business then the VT Limited Liability Company Dissolution process is easier. What do I have to do before I Dissolve a Vermont LLC? Things you need to do before you Dissolve a Vermont LLC.   1. Hold a Members meeting and record a resolution to Dissolve the Vermont LLC   2. File all required Annual Reports with the Vermont Secretary of State   3. Clear up any business debt   4. Pay all taxes and administrative fees owed by the Vermont LLC more... less... 1. Hold a Members meeting and record a resolution to Dissolve the Vermont LLC If the Vermont LLC has any Members then a meeting should be held and a vote to Dissolve the Vermont Limited Liability Company taken. Minutes of the meeting should be recorded and retained in the business records. If the Vermont LLC does not have any Members then the Organizer(s) have to apply for Dissolution of the Vermont LLC. We can transcribe and compile minutes or approvals into a form that is legally recognized by the Vermont Secretary of State. 2. File all required Annual Reports with the Vermont Secretary of State The Vermont Secretary of State will not approve the Dissolution of a VT LLC until all required reports have been filed. We can file any required Annual Report with the VT Secretary of State. 3. Clear up any business debts All creditors of a Vermont 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 Vermont LLC The Vermont Secretary of State will definitely not approve the Dissolution of a Vermont 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 Vermont LLC? Things you have to do after you Incorporate in Vermont.   1. Distribute all remaining assets of the Vermont LLC   2. Close all business bank accounts of the Vermont LLC   3. Cancel all local business licenses and permits   4. File Form 966 with the IRS   5. Cancel the IRS account associated with the VT LLC's Federal Tax ID (EIN) more... less... 1. Distribute all remaining assets of the Vermont LLC If the Vermont LLC has any remaining assets, these may be divided according to the Members' ownership interests in the VT Limited Liability Company.  All distributions to LLC Members must be reported to the IRS. 2. Close all business bank accounts of the Vermont LLC If there are any business accounts that have been opened for the Vermont LLC then those accounts must be closed. If Company Business accounts are left open there may be liability and obligations of the Dissolved Vermont LLC which could lead to legal problems down the line. 3. Cancel all local business licenses and permits of the VT LLC If the Vermont 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 Vermont LLC. This includes business registration licenses as well as reseller permits. 4. File IRS Form 966 Most Dissolved Vermont LLCs must file IRS Form 966 with the US Internal Revenue Service. If a Vermont 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 Vermont 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 VT LLC's Federal Tax ID (EIN) A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Vermont LLC.  Once the IRS links an EIN to a Vermont LLC, that EIN stays with the Vermont LLC even after the Company has been Dissolved by the Vermont Secretary of State. When the IRS processes the final tax return for the Vermont 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 Vermont LLC down the line then the IRS will reactivate the old EIN for your new Business. Before a Vermont LLC can close an EIN account, it must be in Good Standing with the IRS.  The Vermont LLC must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.  The Vermont 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 Vermont LLC? The time it takes to Dissolve a Vermont 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 Vermont Secretary of State usually takes around 3-5 business days to process the Articles of Termination.    more... less... The time it takes to Dissolve a Vermont 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 Vermont Secretary of State usually takes around 3-5 business days to process the Articles of Termination. Processing times for Vermont LLC Dissolution filings vary depending on the work load of the Secretary of State's staff.  We've found that normal processing of Vermont Dissolution filings takes the state around 3-5 business days. PLEASE NOTE: WE CANNOT GUARANTEE VERMONT SECRETARY OF STATE PROCESSING TIMES. We are dependent on, and have no control over, the staff and systems of the Vermont Secretary of State . In our experience 3-5 business days is the time it usually takes the Vermont Secretary of State to process a Vermont Dissolution filing. We get your Vermont LLC Dissolution filing to the VT Secretary of State ASAP. Once it is at the state we have no control over the Vermont Dissolution approval process. How much does it cost to Dissolve a LLC in Vermont? The total cost to Dissolve a Vermont LLC varies depending on exactly what is required for each specific VT Dissolution. We charge $224.00 plus any state fees for our Vermont LLC Dissolution services. This includes: Same day processing Transcribe minutes of Members meeting which proposes Dissolution Prepare and file Articles of Termination with the Vermont 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 VT Secretary of State Priority Mail Delivery of all documents Unlimited Customer Support We also offer these Vermont 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 VT Domestic LLC? If there are Foreign LLCs in states other than Vermont that are tied to the Domestic Vermont LLC then each of those Foreign LLCs must be Dissolved before the Vermont LLC is legally Dissolved. How long before someone can use my LLC name in Vermont after I Dissolve? A Vermont LLC company name becomes available for anyone to use when the Vermont Limited Liability Company is Dissolved by the Vermont Secretary of State. There are no LLC company name protections in Vermont once a Vermont LLC has been Dissolved by the Vermont Secretary of State. Do I have to publish a Notice of Dissolution of the Vermont LLC? There are no state of Vermont requirements for the publication of a Notice of Dissolution of a Vermont LLC. While the Vermont Secretary of State does not legally require the publication of a Notice of Dissolution of a Vermont LLC, publication is a good way to notify anyone who might have a claim against the Vermont LLC.  Evidence of publication might prove useful down the line if someone makes a claim against the VT Limited Liability Company after the Vermont LLC has been dissolved.	VERMONT LLC DISSOLUTION SERVICES For $224.00 our Vermont LLC Dissolution Services include: Same day processing explain We will start processing your Vermont LLC Dissoltion filing on the same day that you submit your order.  We get your VT LLC Dissolution filing to the Vermont Secretary of State as fast as possible.  Once they get the application, the VT Secretary of State usually takes 3-5 business days to process a Vermont LLC Dissolution filing. Transcribe minutes of Members meeting which proposes Dissolution Prepare and file Articles of Termination with the Vermont Secretary of State Prepare US IRS Form 966 for you to sign and file Prepare documents to cancel the Federal EIN account linked to the Vermont LLC Certified copy of LLC Dissolution filing from VT Secretary of State Priority Mail Delivery of all documents Unlimited Customer Support A LA CARTE VERMONT DISSOLUTION SERVICES If you don't need our complete Vermont LLC Dissolution package we offer our Dissolution services separately check the box next to any option, price will be calculated automatically Transcribe Member meeting minutes - $75.00   explain After the decision is made to Dissolve a Vermont LLC, a meeting of all Members of the VT LLC must be held to approve the LLC Dissolution. A majority of LLC Members must approve the Vermont LLC Dissolution plan. The approval actions should be documented and kept in the business records. We will transcribe the minutes of the Member meeting into a format that is legally acceptable in the state of Vermont. We will also compile a formal resolution to Dissolve the Vermont LLC for your records. Prepare and file Articles of Termination - $75.00   explain As soon as the preliminary Vermont LLC Dissolution actions are completed we will prepare and file the Articles of Termination with the Vermont Secretary of State in the quickest way possible Prepare IRS Form 966 - $65.00   explain Most, but not all, Dissolved Vermont LLCs must file IRS Form 966 with the US Internal Revenue Service. If you are not sure about your specific IRS Form 966 filing requirements you should contact an accountant. If a Vermont 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 Vermont LLC has been legally Dissolved. We will prepare IRS Form 966 for you to file. Prepare EIN cancellation documents - $65.00   explain A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Vermont LLC.  Once an EIN is linked to a Vermont LLC by the IRS, that EIN stays with the Vermont LLC even after the Company has been Dissolved by the Vermont Secretary of State. When the IRS processes the final tax return for the Vermont LLC, they automatically make the EIN inactive.  However, the account associated with the EIN is not automatically closed by the IRS.  Closing the account associated with the EIN lessens the likelihood of any problems with the EIN account - or with the IRS - in the future. We will prepare formal documents to get your Vermont LLC's EIN account closed as quickly as possible. Processing fees $224.00 Vermont Dissolution fees $47.00 Optional services $0.00 Total cost $271.00 OUR ADVANTAGE We start processing your Vermont LLC Dissolution order as soon as it arrives. We get your documents to the Vermont Secretary of State in the quickest possible way.  We guarantee our work.  If you're not satisfied with our Vermont Dissolution services we will refund 100% of your processing fees. We've been helping LLCs legally Dissolve in Vermont for over ten years.  Our A+ BBB rating speaks for itself! 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