In this article, I will answer the question “how to close LLC in Michigan” in a clear and concise manner. I will provide an overview of the process, and explain the steps required to dissolve a Michigan LLC.

What Is the Process of Closing an LLC in Michigan?

The process of closing an LLC in Michigan requires several steps. First, you must hold a vote with LLC members to dissolve the LLC and record the dissolution vote in the minutes of the meeting. Next, you must compile a full account of your Michigan business’s debts and establish a valuation of your business. You must also identify Michigan’s official dissolution form and file it with the Michigan Department of Licensing and Regulatory Affairs. Finally, you must request a tax clearance from the Michigan Department of Treasury within 60 days of filing the dissolution.

Steps to Dissolving a Michigan LLC

The following steps outline the process of closing an LLC in Michigan:

Step 1: Hold the Dissolution Meeting of LLC Members

Hold a meeting with the members of the LLC and vote to dissolve the LLC. Record the dissolution vote in the minutes of the meeting.

Step 2: Follow Your Michigan LLC Operating Agreement

Follow the guidelines outlined in the Michigan LLC operating agreement for closing the LLC. This may include additional steps such as distributing remaining assets and notifying creditors.

Step 3: Compile a Full Account of Your Michigan Business’s Debts

Compile a full account of your Michigan business’s debts, including any unpaid taxes and payroll liabilities.

Step 4: Establish a Valuation of Your Michigan Business

Establish a valuation of your Michigan business in order to ensure that any remaining assets are distributed appropriately.

Step 5: Identify Michigan’s Official Dissolution Form

Identify Michigan’s official dissolution form and file it with the Michigan Department of Licensing and Regulatory Affairs.

Step 6: Request a Tax Clearance from the Michigan Department of Treasury

Request a tax clearance from the Michigan Department of Treasury within 60 days of filing the dissolution.

Conclusion

Closing an LLC in Michigan requires several steps, including holding a vote with LLC members to dissolve the LLC, compiling a full account of the Michigan business’s debts, and requesting a tax clearance from the Michigan Department of Treasury. For more information about dissolving an LLC in Michigan, visit Atlantabusinesses.com, the ultimate resource for answers to all your questions about selling a business and about business brokers.

What is the fee for shutting down a Limited Liability Company in Michigan?

The fee for dissolving an LLC in Michigan is $10. Once the Articles of Dissolution have been filed, the Department of Licensing and Regulatory Affairs, Corporations Division will provide you with a Certificate of Dissolution as proof of the LLC’s dissolution on Jan 20, 2023.

What is the procedure for dissolving an LLC?

In order to officially close an LLC, you must submit a concluding tax return to both the state and the IRS. Make sure the form states that this is the final return of the LLC. Additionally, complete a Schedule K-1 and distribute it to each member so they can report their respective profits and losses on their personal taxes.

What is the duration of an LLC in Michigan?

In order to use an assumed name in Michigan, you need to register it with the Michigan Department of Licensing and Regulatory Affairs. You can do this by submitting a Certificate of Assumed Name via mail, with a fee of $25. This registration is valid for five years.

What is the process for obtaining a Dissolution in Michigan?

In order to obtain a divorce in Michigan, one of the spouses must testify that the marriage has suffered an irreparable breakdown, such that there is no realistic hope of it being salvaged.