Are you wondering how to close a business in Virginia? Closing a business in Virginia requires careful consideration and completion of the necessary paperwork. This article will provide an overview of the steps needed to close a business in Virginia, and provide some helpful resources along the way.

How to Close a Business in Virginia?

You can close a business in Virginia by submitting Articles of Dissolution to the Virginia Corporation Commission. This must be done in writing, and must be signed by the owner of the business or a member of the company. The Articles of Dissolution legally alert corporate creditors that the business is being closed, and serves to protect the owner from any future liabilities.

If you are a Limited Liability Company (LLC), you can complete and file Form LLC-1050, Articles of Cancellation of a Virginia Limited Liability Company. This is done either by mail or online, and requires a nominal filing fee.

Once the Articles of Dissolution or Articles of Cancellation have been filed, the business is officially closed. It is important to remember that you may still need to pay taxes or other fees, or file other documents with the state even after the business has been closed. For example, you may need to file a final tax return or annual report.

Where to Get Help?

If you need help closing a business in Virginia, you can call the Virginia Corporation Commission at 804.367.8037. Additionally, you can click the “Online Services” option on the top left of their home page, and then click “Existing Businesses” and select the “Virginia Entity” radio button. This will bring up some helpful information about closing a business in Virginia.

More Resources

If you are looking for more information about closing a business in Virginia, there are many great resources available. Atlantabusinesses.com is a great resource for answers to all your questions about selling a business and about business brokers. They have a wealth of information about the process of closing a business, as well as helpful advice from experienced professionals.

What is the process for dissolving an LLC in Virginia?

In order to dissolve your Virginia Limited Liability Company, you need to submit form LLC-1050, Articles of Cancellation of a Virginia Limited Liability Company. On the form, you must specify that you have concluded all business activities, and you must ensure that all debts, liabilities and obligations of the company are taken care of.

How should a business be shut down?

1
Submit a Final Submission and Associated Documents.
2
Look After Your Staff.
3
Pay the Taxes You Owe.
4
Inform Contract Workers of Payments.
5
Terminate Your EIN and Shut Down Your IRS Business Profile.
6
Retain Your Records.

Are you able to close down your own business?

If you are a sole proprietor, make the decision to close your business. If you are in a partnership, you and your co-owners must agree to close the business. Then, follow the procedures outlined in your articles of organization and draft a written agreement to document the closure.

Is it possible to shut down your business over the internet?

Within 12 months of filing your final tax return, you must submit the appropriate dissolution, surrender, or cancellation form(s) to the SOS. Currently, LLCs can submit termination forms online, but there is not an online submission option available for Corporation or Partnership dissolution/cancellation forms.