Dissolving Your Corporation

-Once you have filed all outstanding NYS Corporate Tax Returns (including your final return) and paid all outstanding NYS Corporate Taxes we can assist in obtaining the necessary consent from the Department of Taxation and Finance that will allow you to dissolve your domestic corporation or surrender the authority of your out of state corporation. Please note, that the NYC Department of Finance has a separate consent requirement for any corporation that has done business or incurred tax liability in one of the five boroughs.

Download our online worksheet for Corporate Dissolution, along with the NYS Power of  Attorney. Complete the online worksheet and submit for processing. We will then contact you regarding the additional Tax Power of Attorney Forms and the copy of the final NYS Corporate Tax Return that we will need in order to obtain the necessary consent.

As always, Servico’s representatives are ready to assist you in this task. Just call us or email us for further assistance.

DISSOLVING YOUR LLC, LLP or LP

There is no tax consent required in order to cancel or dissolve your company or partnership. Use our online worksheet and within 24-48 hours your Limited Liability Company, limited liability partnership or limited partnership will be dissolved.  Please confer with your legal or financial advisor to insure that you are taking all the necessary steps when closing your business.

POINTS TO CONSIDER WHEN CLOSING A BUSINESS:

Whatever the form of your business, you will need to follow an organized plan for closing your doors.  Your plan should comply with New York Statutes, the Internal Revenue Code, and local tax authority regulations.

• The members, directors and shareholders should agree to the dissolution
• Consult with your attorney to ensure that all legal matters that are necessary are completed before dissolution (ie. Transfer of property, etc.)
• Contact your commercial insurance agent, notify him/her of the dissolution and determine the best protection against third-party lawsuits that may arise after your dissolve. Determine the statutory time limits for third parties to bring suit against you and plan accordingly.
• Collect your assets, and sell or donate property that you are not going to distribute to shareholders/members. Pay all outstanding debts.
• Have your accountant prepare the final tax returns due on the Federal, State, and Local levels.
• Notify the Secretary of State that you are discontinuing the use of any assumed or trade name.