Are you considering closing a business in the state of Connecticut? This article will provide you with the answers to the questions you may have about the process of closing a business in Connecticut. We will discuss how to file a final tax return, how to officially close a business, how to officially dissolve a business, closing sales and use tax accounts, and how to close business bank accounts.

How do I close a business in Connecticut?

Excluding trade names (DBAs), a business is not considered closed until a dissolution has been filed. The process of officially closing a business in Connecticut involves filing a dissolution with the Connecticut Secretary of State. To file a dissolution, you will need to complete the Certificate of Dissolution form and submit it with the required filing fee. Additionally, you must have all outstanding debts and liabilities paid off and all taxes filed before the dissolution is processed.

Can I close my business by filing a final tax return?

Yes, filing a final tax return is one of the steps in closing a business in Connecticut. However, it is not the only step. To officially close a business, you must also file a dissolution with the Connecticut Secretary of State. Additionally, you must have all outstanding debts and liabilities paid off and all taxes filed before the dissolution is processed.

How do I close a sales and use tax account?

Closing a sales and use tax account in Connecticut is done through MyConnectCT, an online portal. To close your sales and use tax account, you must log into MyConnectCT and open the “more” menu. From there, find the Taxpayer’s update group and choose the option to close the sales and use tax account. Once the account is closed, a confirmation email will be sent.

How do I close a business bank account?

To close your business bank account, you will need to contact your bank for exact procedures. Generally, you will need to provide written notice of your intention to close the account, and provide any additional information or documentation requested by the bank. Once the account is closed, you will receive a confirmation letter.

What other steps should I take?

In addition to filing a dissolution and closing all accounts, you should also contact the Connecticut Department of Revenue Services to close your business taxes. You can contact them directly during their office hours at (860) 263-6000. Finally, it is important to notify all of your vendors, clients, and other business contacts of the closure of your business.

Closing a business in Connecticut can be a complicated process, but with the right information and resources, it can be manageable. Atlantabusinesses.com is a great resource for answers to all your questions about selling a business and about business brokers.

What is the fee for shutting down an LLC in Connecticut?

There is no cost to dissolve or cancel an LLC.

What steps do I need to take to shut down a business in Connecticut?

To terminate a Connecticut corporation, you must submit a Certificate of Dissolution to the Connecticut Secretary of the State, Commercial Recording Division (SOTS). Connecticut has forms for you to use, but you may also write your own articles of dissolution, as long as they include the needed facts.

How should a business be shut down correctly?

1
Submit your Final Return and all other relevant documents.
2
Fulfill any outstanding obligations to your staff.
3
Pay the taxes you owe.
4
Notify any contract workers of the closure.
5
Cancel your Employer Identification Number and close your IRS business account.
6
Maintain your records.

What is the procedure for canceling my sales and use tax in Connecticut?

1
Go to MyConnectCT – 𝗺𝘆𝗰𝗼𝗻𝗻𝗲𝗖𝗧 (ct.gov).
2
Click on the “more” menu.
3
Access the Taxpayer’s update group.
4
Select Close Accounts and follow the instructions.
5
Submit all applicable “sales and use tax returns” that are due by the end of your business operations.