Thinking about closing your business in New York? This article will provide you with an overview of the steps you need to take to do so. We’ll cover filing dissolution documents, canceling registrations, permits and licenses, paying taxes, and more.

How To Close A Company in New York?

Closing a business in New York involves several steps. Here’s a quick overview of what you need to do:

  • Submit all required tax returns to the Department of Taxation and Finance. This includes filing a final Form NYS-45, Quarterly Combined Withholding, Wage Reporting and Unemployment Insurance Return, if you had employees and have ceased.
  • Pay all due taxes and fees. This includes payroll taxes and sales or income taxes.
  • Pay up all creditors and employees. This includes any outstanding wages, benefits, or other payments owed.
  • Cancel registrations, permits, licenses, and insurance policies. This includes any business names you may have registered.
  • Comply with New York Labor Laws. This includes issuing a final paycheck to any employees.
  • If applicable, get a tax clearance from the Department of Finance. This applies in particular to corporations that have done business in New York City.

For detailed guidance on how to close a business in New York, you can check out the official page from the New York State Department of Taxation and Finance. For more information on business brokers, selling a business, or any other business-related questions, is a great resource.

What are the steps for shutting down my LLC in New York?

Send the finished Articles of Dissolution and the $60 fee to the New York Department of State, Division of Corporations, located at One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231.

What are the steps I need to take to shut down a small business in New York?

1. Submit all necessary tax forms to the New York State Taxation and Finance Department.
2. Make sure all taxes and fees are paid in full.
3. Make sure all business debts are settled.
4. Hold a meeting of the board of directors and record the decision to dissolve the company.
5. Have a meeting of the shareholders and have them approve the decision to dissolve the company.

What is the most effective method of shutting down a business?

Notify Your Creditors and Suppliers.

Submit your last tax return and all related documents.
Deal with your staff.
Pay your taxes.
File reports for payments made to freelancers.
Cancel your Employer Identification Number and shut down your IRS business account.
Retain your records.
Inform your creditors and vendors.

What is the timeline for dissolving a corporation in New York?

We submit your NY Corporation Dissolution filing to the New York Secretary of State as expeditiously as we can. The NY Secretary of State typically takes 5-7 working days to complete a New York Corporation Dissolution filing once they receive the application.