This Plan of Dissolution of a Law Firm covers covers all necessary topics for the dissolution of the firm. Included are: Plan of dissolution, liquidation objectives, surrender of leasehold estates, estimated balance sheet items, termination of personnel, accounts receivable billing and collecting, cash management, professional liability, and indemnity issues.
Delaware Dissolving a Law Firm
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Multi-State
Control #:
US-L07054
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FAQ
The Certificate of Dissolution puts all on notice that the LLC has elected to wind up the business of the LLC and is in the process of paying liabilities and distributing assets. In order to terminate the LLC, the LLC also must file a Certificate of Cancellation (Form LLC-4/7).
How to Dissolve a Corporation in Delaware Step 1: Shareholders Vote to Dissolve the Corporation. ... Step 2: Pay All Taxes and File Annual Franchise Tax Report With Delaware. ... Step 3: File a Certificate of Dissolution With Delaware. ... Step 4: Notify Creditors of Your Corporation's Dissolution.
One member (owner) of the LLC must sign the Certificate of Cancellation. Pay the cancellation and preparation service fees, as well as the current year's Delaware Franchise Tax Fee. File the Certificate of Cancellation.
In Delaware, "dissolution" refers to the process of closing a corporation through the filing of a Certificate of Dissolution. Closing an LLC, on the other hand, requires "canceling" through a Certificate of Cancellation.
It is advisable to formally cancel a Delaware LLC if the company has ever been used in any capacity. The LLC will continue to accrue Delaware franchise tax year after year if the company is not properly canceled. The public cancellation filing stops the LLC from accruing future franchise tax, penalties, and interest.
How much does it cost to dissolve an LLC in Delaware? Delaware charges a filing fee of $204 plus any past due franchise tax fees, penalties and interest (tax clearance). Delaware also provides an expedited option. They charge $200 for same day service or $100 for 24 hour service.
There is a dissolution ?short? form available if your corporation only pays the minimum franchise tax amounts required by the Department of State. If the DE corporation pays more than the minimum corporation annual taxes, then you will have to use the regular Certificate of Dissolution form to dissolve a business.
A plan of liquidation and dissolution that can be used for the dissolution of a Delaware corporation wholly owned by a US parent corporation when the parties intend to qualify the dissolution as a tax-free liquidation under Sections 332 and 337 of the Internal Revenue Code.