Orange County Business Dissolution Attorneys
The end of a business may sometimes be an uplifting time after decades of hard work, but is often the result of unfortunate occurrences that have forced the business to shut its doors. Regardless of the situation surrounding a business dissolution, you may require the assistance of an business dissolution lawyer in Orange County if you are considering dissolving your business.
If you have a corporation that has not had any expenses or engaged in any business for several years, it may be time to consider the dissolution of the corporation. It is important that a good strategy is put into place when contemplating a business dissolution. Any type of business entity, such as a corporation, partnership, or limited liability company, requires a comprehensive business dissolution strategy to protect the owners from any issues that can arise, like business purchase or sale, while still dissolving the business with the most minimal effects.
Businesses may close their doors for a number of reasons, either voluntary or involuntary. In most situations, the dissolution is voluntary. However, certain factors may exist which cause the forced dissolution of a company. Regardless of the situation, it is important to have a set business litigation strategy in place to provide for an efficient closing of the books.
Steps to Business Dissolution
To dissolve a corporation in California, you must first pay California’s annual franchise tax. The next step is to prepare and file the annual Statement of Information with the Secretary of State and file the annual tax return with the Franchise Tax Board. Finally, you may prepare the documents that are associated with the closing of business, such as corporate meeting minutes which will memorialize the decision to dissolve the corporation. After the Secretary of State approves the dissolution, the business will file a final tax return and this will complete the dissolution process.
However, keep in mind that if a claim has been brought against your corporation or it has been suspended by the state, it will hinder the dissolution process. A business which additionally has ongoing affairs, such as obligations and debts, will remain in existence after dissolution to further wrap up its affairs. This can affect the final balance of any accounts, and it is important to bring this up with an attorney when seeking to dissolve a business.
Boyd Law | Orange County, California Business Law Attorneys
If you are contemplating a business dissolution, contact the experienced attorneys of Boyd Law. Our OC business lawyers recognize the need for a quick, efficient business dissolution that protects your interests and considers all options. It is important to consult an attorney when you are seeking a business dissolution rather than attempt it on your own. Our attorneys have an extensive background in business law issues and will ensure that your business is accurately and timely dissolved. You do not want to run the risk of missing a step in dissolution. Contact our Orange County office today for your initial free consultation.