Dissolving Your LLC in Virginia Step 1: Vote to dissolve the LLC. Step 2: Wind up all business affairs and handle any other business matters. Step 3: Settle debts and assets with creditors. Step 4: Notify tax agencies and settle remaining taxes. Step 5: File a certificate of dissolution.
You need to file Articles of Dissolution with the Virginia Corporation Commission to start the winding-up process. Then, you'll file Articles of Termination of Corporate Existence to complete the dissolution.
§ 13.1-1050. Articles of cancellation. The name of the limited liability company; The identification number issued by the Commission to the limited liability company; The effective date of its certificate of organization; A statement that the limited liability company has completed the winding up of its affairs; and.
The Dissolution Process Step 1: Check the operating agreement of the LLC. Usually, the operating agreement of an LLC has a provision on what to do to dissolve the company. Step 2: Close the business tax accounts. Step 3: File formal paperwork. Step 4: Complete the winding up process. Step 5: Check other obligations.
Since LLCs are registered with the state, a dissolving company will have to inform the state about its plan to close the business. To do this, submit a completed Articles of Cancellation to the Corporation Commission online or by mail. The filing costs $25.