North Carolina Withdrawal of Assumed Name For An LLC is a legal document that must be filed with the North Carolina Secretary of State when a Limited Liability Company (LLC) has been operating under an assumed business name and wishes to dissolve that name. This document is also known as a Certificate of Discontinuance or Certificate of Termination. It must be signed by an authorized member of the LLC and filed with the Secretary of State's office. The filing fee is $120. There are two types of North Carolina Withdrawal of Assumed Name For An LLC: (1) Voluntary Withdrawal of Assumed Name; and (2) Involuntary Withdrawal of Assumed Name. A Voluntary Withdrawal of Assumed Name is initiated by the LLC itself when it decides to discontinue the use of an assumed name. An Involuntary Withdrawal of Assumed Name is initiated by the Secretary of State when the LLC has failed to file required documents or pay required fees.
North Carolina Withdrawal of Assumed Name For An LLC
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FAQ
Provide written notification to the LLC of your intent to remove yourself. Receive what interest in the company you are due. (The other members are required to buy you out in line with the Articles of Organization and your share of ownership in the business.)
To dissolve a business, whether a corporation or LLC, you file Articles of Dissolution in North Carolina with the Secretary of State. However, the State provides a separate document for each. You can file your North Carolina voluntary dissolution documents by mail or online.
North Carolina law requires all sole proprietors, general partnerships, limited liability companies (LLCs), and corporations to register a DBA if they want to conduct business or sign legal documents under any name other than their own.
To remove a member from your LLC, a withdrawal notice, a unanimous vote, or a procedure depicted in the articles of organization may entail. The member in question of removal may need to get compensated for his share of membership interests.
Can a business in North Carolina have multiple DBA names? Yes, in North Carolina, you can apply for up to five DBA names on the same application. This is useful for businesses that may operate in distinct areas.
You can withdraw your North Carolina DBA by completing the assumed business name withdrawal form and submitting it to the County Register of Deeds in the county you operate a business. The cost to withdraw your North Carolina DBA is $26.
Removal may be as simple as the member submitting a letter of resignation, depending on the relevant provisions. However, if the member is not willing to voluntarily resign, the provisions might provide, for example, a voting procedure allowing the other members to vote for the removal of the recalcitrant member.
In California, you may buyout your partner's interest in the LLC. If you cannot come to an agreement on the fair market price and on the terms of payment, then because your partner owns 50% of the LLC, he/she can legally force the LLC to dissolve.