This pamphlet provides an overview on the dissolution of a limited liability company (LLC). Topics included cover the reasons for dissolution, different types of dissolution, and steps needed to dissolve an LLC.
Maine USLegal Pamphlet on Dissolving an LLC
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How to fill out USLegal Pamphlet On Dissolving An LLC?
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FAQ
These terms are often used interchangeably, but have distinct legal meanings. Dissolution is the winding up of the affairs of the entity in advance of the termination of the entity. Termination of the entity occurs when the entity ceases to legally exist.
Closing Correctly Is ImportantOfficially dissolving an LLC is important. If you don't, you can be held personally liable for the unpaid debts and taxes of the LLC. A few additional fees you should look for; Many states also levy a fee against LLCs each year.
To dissolve/cancel your LLC in Maine, submit form MLLC-11C, Certificate of Cancellation, including the completed Filer Contact Cover Letter, to the Maine Secretary of State, Bureau of Corporations, Elections, and Commissions (SOS). The Certificate of Cancellation form is available on the Maine SOS website.
Dissolution generally occurs when the business purpose of the LLC is completed or ceases to be economically viable. The members may also agree to dissolve the LLC if they are at an impasse regarding fundamental decisions concerning the LLC's business operations.
How to Dissolve an LLCVote to Dissolve the LLC. Members who decide to dissolve the company are taking part in something called a voluntary dissolution.File Your Final Tax Return.File an Article of Dissolution.Settle Outstanding Debts.Distribute Assets.Conduct Other Wind Down Processes.
A corporation administratively dissolved continues its corporate existence but may not transact any business in this State except as necessary to wind up and liquidate its business and affairs under section 1406 and notify claimants under sections 1407 and 1408.
To close an LLC completely, you need to file a final tax return with the state and the IRS. Make sure you check the box to show this is the final return for the LLC. Fill out Schedule K-1 and give a copy to each member so that they know what to report on their own personal taxes in terms of losses and gains.
If you would like to dissolve a Maine Corporation, file a signed, original form MBCA-11, Articles of Dissolution with the Maine Secretary of State, Bureau of Corporations, Elections, and Commissions (SOS). Maine SOS forms are fillable so you can just enter your information, print, and mail them to the SOS.