Are you wondering how to close a company in New York? The process of closing a business in New York involves several steps that must be taken in order to properly terminate operations. This article provides an overview of the steps required to close a company in New York, including the necessary forms to file and any applicable taxes and fees that must be paid.

How to Close a Company in New York?

The process of closing a company in New York begins with obtaining the consent of the New York State Tax Department (Form TR-960). This form must be submitted to the New York State Department of State to file for dissolution. Out-of-state corporations will also need to complete the dissolution process by filing with the New York Department of State.

Once the decision to close the company is made, the following steps must be taken:

  • File dissolution documents with the New York Department of State
  • Cancel registrations, permits, licenses, insurance policies, and business names
  • Comply with New York labor laws, including issuing any applicable unemployment insurance contributions
  • Submit all required tax returns to New York’s Department of Taxation and Finance
  • Pay all due taxes and fees
  • Pay up all business debts
  • Convene a board meeting to discuss the dissolution of the company
  • If the company has done business in New York City, obtain a tax clearance from the Department of Finance

Once all of the above steps have been completed, the company is officially closed.

Conclusion

Closing a company in New York involves numerous steps and requires adherence to specific regulations. It is important for business owners to understand the process and the necessary documents to file for dissolution. For additional help, the team at AtlantaBusinesses.com can provide professional guidance on the process of selling a business, as well as advice from experienced business brokers.

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

What are the steps to dissolve my LLC in New York?

Submit the Articles of Dissolution to the New York Department of State’s Division of Corporations, located at One Commerce Plaza, 99 Washington Avenue, Albany, New York 12231. Make sure to attach the $60 payment fee.

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

1
Submit your final tax return and any other relevant documents.
2
Address any issues concerning your employees.
3
Pay any taxes you owe.
4
Report the payments you have made to any contractors.
5
Cancel your Employer Identification Number and close your IRS business account.
6
Retain all records.

What is the duration of the process to dissolve a corporation in New York?

We submit your NY Corporation Dissolution filing to the New York Secretary of State as quickly as we can. Once they receive the application, the NY Secretary of State generally takes between 5-7 working days to complete the New York Corporation Dissolution filing.