how to dissolve llc missouri [New Research]

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Last updated : Sept 17, 2022
Written by : Hayley Mchendry
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how to dissolve llc missouri

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how to dissolve llc missouri

Comment by Luna Gazzola

hey guys this is robert with malawi law we help entrepreneurs just like you start their businesses without dealing with the complicated legal forms and we are also the number one highest rated business law firm for entrepreneurs with more than fifteen hundred five star google reviews today we are going to talk about whether you should dissolve your llc if you are no longer using it and whether you can put your llc on hold to avoid paying fees so many of our clients formed llc's in the past and they no longer use them and they wonder if they should dissolve it or not they also realize that they have been getting notices from the state informing them that they owe money despite the llc making no money or even operating at all and for our clients they're wondering if they have to pay these fees or the money to the state so in this video i'm going to address both of these questions so let's get started also keep in mind that unlike sole proprietorships where p where there is not a whole lot you have to do to wind up the business or close the business with llc that's a little bit more complicated and you'll likely have to file some documents with your secretary of state so first let me inform you that dissolving your business is another name for closing or shutting down your business so to begin or so to begin let me explain that one of the common reasons people choose to dissolve their llc's when they are no longer conducting business is to avoid paying the annual state renewal fees to keep the llc active if your llc is no longer conducting business then you can't just simply do nothing and you can't just not pay the state the annual fees if you do do this then the state may continue to charge you the annual fees and may even charge you interest on certain fees that they have not been paid eventually the state will also suspend your llc and you will continue to rack up these fees and once this happens then the state will not let you officially dissolve the llc until all taxes and fees have been paid so in reality you will just continue to incur the annual state fees until you pay the state what it is owed and properly dissolve the llc for example some states such as delaware will charge you a 200 late fee and will also charge you interest if you don't pay the franchise tax fee so in order to avoid these late fees and penalties and potentially the interest fees then it is important to officially dissolve your llc the right way and in accordance with your state's requirements so ultimately there is no need to be alarmed if your llc has been inactive but be sure to not wait too long to dissolve it otherwise you risk having to pay hefty fees to your state of incorporation so now you're probably wondering how to properly dissolve your llc and generally dissolving your business just involves filing a form to the business division of your state's secretary of state's office the state may also require that you pay the state fee and send payments along with the dissolution documents for some states there is no charge and for others the fee can be hundreds of dollars it is important to check with the business division at your secretary of state's office to find out the exact procedure so overall don't get too overwhelmed if you're in this situation but keep in mind that you shouldn't wait too long if you are no longer using your llc then it is important to dissolve it so that you can avoid getting hit with many of the fees and potential interest payments also some states won't let you officially dissolve the llc until you pay everything that is owed to them so it is important to not just let your llc incur fees each year because eventually the state will try to collect the money from you so if you're an entrepreneur looking to dissolve your business or start a business in the united states then click on the link below to schedule a free consultation with us during the phone call we will be able to determine your specific requirements to dissolve the llc in your state and we will explain the advantages of doing so and we can also determine if you should keep your llc opened and just use it for a different business purpose so go ahead and click the link below and also if you have any questions just post them below and my team and i will try to get to them as soon as possible i'll see you guys in the next video

Thanks for your comment Luna Gazzola, have a nice day.
- Hayley Mchendry, Staff Member

Comment by Krystin

hi Lee Phillips here want to talk to you two seconds about how you terminate a company and I'm gonna take a very narrow view of this a lot of people have companies they're talked into them at seminars they started my they run the business for two seconds it doesn't work they don't owe anybody money but they've got this little company this corporation this LLC partnership whatever it is and it just sits there another YouTube video we talk about are the liabilities of having it just sit there and there are liabilities so we've made the decision we're gonna shut it down we don't have any creditors we don't know anybody money how do you shut it down now if you owe people money and you're going bankrupt and all this and on the other that's a whole different deal I will give you that but there are lots of people have the small company don't owe anybody money they may have a little money in the bank account take it out of the bank account close bank account and then let's shut the company down you do it two ways you do it the informal way which means you just don't pay any more money no state fees no nothing when you don't pay the state fee on time guess what the state says that you are a bad boy you're not in good standing as the way they term it and your company goes into default it goes defunct by definition and it just kind of sits there out limbo state keeps it but it isn't active it's no good the other way you do it is you formally shut it down and each state has a procedure you can go on most states websites maybe not California but most states websites and you can get a form for dissolution of a company and they're gonna have you fill out the form it's gonna ask you a bunch of counting questions how much money did you owe everybody and they make sure you're not screwing your creditors you fill that out you send it into the state some states require fee some states don't you pay your 50 bucks or whatever it is and the state will efficiently terminate this company it's it's dead as far as the state's concerned okay we've taken care of the legal aspect of it what else do we have to do well there may be a tax aspect to it if you've gotten a tax ID number E I n whatever you want to call it for your company then we need to make sure that the IRS knows that this company has died and that they're not going to be expecting any more tax returns from you if you haven't been filing tax returns your corporation either an S corp or C Corp taxation structure now that could be an LLC taxed under subchapter S or taxed under Chapter C if you haven't been filing your tax returns and stuff you're gonna need some professional help call a tax guys in in my office if nothing else because you're in trouble we'll assume you're not in trouble you've been filing your tax returns you haven't done any business so you just been writing zeros all the way down the return that's okay you're gonna file a final tax return and you don't have to wait till the end of the year you can do it today you file a final tax return for the company and on the front page of the tax return there's a little box and it says is this the final return and yet check the little box and the IRS will kill that guy and that tax ID number for your company they won't issue it to another company it's dead so we've now killed it with the state we've now killed it with the IRS we don't have any bank accounts we don't have anything going your company's dead congratulations you killed your company and you want to kill your company do not have these dormant little companies hanging around because the liabilities if no other and just the pain the hassle of having this company just get rid of that's how you kill them this is Lee Phillips talking about how to dissolve a small company

Thanks Krystin your participation is very much appreciated
- Hayley Mchendry

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