As an expert business broker, I understand the importance of knowing how to close a limited liability company (LLC) in New York. This article will provide a step-by-step guide on how to properly dissolve an LLC in the state of New York.

How to Close a LLC in NY?

If you have had employees and have ceased operations, you must first file a final Form NYS-45, Quarterly Combined Withholding, Wage Reporting and Unemployment Insurance Return. Within 90 days of taking the necessary action to dissolve your LLC, you must file articles of dissolution with the New York Department of State (“DOS”). The Articles of Dissolution must include:

  • The name of the LLC
  • The date of formation
  • The county in which it was formed
  • The DOS ID number
  • The reason for dissolution
  • The LLC’s address
  • The name and address of the registered agent.

To dissolve your New York LLC, you must submit the completed Articles of Dissolution form to the New York Department of State by mail, fax or in person.

Follow the Rules of Dissolution

When dissolving a New York LLC, you should turn to your LLC’s operating agreement for guidance. If correctly drawn, it should set out rules for dissolution. There are three ways to dissolve a New York LLC: voluntarily, judicially, and by proclamation. Voluntary dissolution is when the New York LLC members decide to dissolve the LLC. Judicial dissolution is when a court orders the dissolution of the LLC. Proclamation dissolution is when the New York Department of State dissolves the LLC.

Wind up Business Affairs

Once the Articles of Dissolution are filed, the LLC must wind up its business affairs. This involves collecting and paying debts, distributing assets, filing tax returns, and notifying creditors. The LLC must also notify the IRS of the dissolution and notify any other government agencies with which the LLC is registered. The LLC must also notify customers and suppliers that the LLC is dissolving. Finally, the LLC must dispose of any remaining assets and make sure all debts are paid.

Conclusion

Dissolving a New York LLC is a complex process and is best handled by an experienced business broker. At Atlantabusinesses.com, you can get advice and information about selling a business and about business brokers. They have a team of experienced professionals who can help you with all your needs related to selling a business and closing an LLC in New York.

What is the process for shutting down a one-person limited liability company in New York?

To dissolve your New York LLC, you must submit the finished Articles of Dissolution form to the New York Department of State through mail, fax, or in person, in addition to the filing fee. The New York Department of State does not require signed originals for filed documents.

What is the process for terminating my New York sales tax account?

The Certificate of Authority will become invalid once we process the last return, which must be submitted within 20 days of the end of business operations, the sale, transfer, or alteration.

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

All partners must consent to the dissolution of the partnership, either through a majority or unanimous vote, depending on the agreement.

What is the process for dissolving an LLC in New Jersey?

To end corporate operations in New Jersey, visit njportal.com/dor/annualreports and select “Close a Business.” If filing a paper application, ensure to include the necessary dissolution/withdrawal/cancellation form.