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Texas Dissolution Package to Dissolve Limited Liability Company LLC

Irving Texas Dissolution Package to Dissolve Limited Liability Company LLC

Category:

Limited Liability Company - Dissolution

State:

Texas

City:

Irving

Control #:

TX-DP-LLC-0001

Format:

Instant download

Description

The dissolution package contains all forms to dissolve a LLC or PLLC in Texas, step by step instructions, addresses, transmittal letters, and other information.

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How to fill out Texas Dissolution Package To Dissolve Limited Liability Company LLC?

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FAQ

Dissolving a company and liquidation are related but distinct processes. When you dissolve a company, you officially end its legal existence, while liquidation refers to the process of selling off assets to settle debts. If you are considering the Irving Texas Dissolution Package to Dissolve Limited Liability Company LLC, you will address the necessary legal steps for dissolution rather than the asset management aspect of liquidation. It is important to understand both concepts to effectively navigate the closing of your business.

To dissolve your LLC in Texas, you will first need to file a Certificate of Termination with the Texas Secretary of State. Ensure that all debts and obligations of the LLC are settled before you proceed. Utilizing the Irving Texas Dissolution Package to Dissolve Limited Liability Company LLC simplifies this process by providing all necessary forms and guidance. This package not only saves you time but also minimizes the risk of overlooking important steps in the dissolution process.

The process of terminating your Limited Liability Company in Texas typically takes about 5 to 10 business days after you submit the necessary forms. This timeframe may vary depending on the volume of requests the state office processes. Using the Irving Texas Dissolution Package to Dissolve Limited Liability Company LLC can help streamline your application. With clear instructions and all required documents prepared, you can ensure a faster and smoother dissolution process.

You can dissolve an LLC in Texas online by visiting the Texas Secretary of State's website. Fill out the Certificate of Termination online, ensuring all necessary information is complete. For your convenience, opting for the Irving Texas Dissolution Package to Dissolve Limited Liability Company LLC simplifies the online filing process, providing you with easy-to-follow instructions and ensuring your dissolution is handled correctly.

To close your business permanently in Texas, you will need to file the appropriate paperwork. Start by submitting a Certificate of Termination through the Texas Secretary of State’s website. This step is essential in officially dissolving your limited liability company (LLC). Consider using the Irving Texas Dissolution Package to Dissolve Limited Liability Company LLC for a streamlined process that guides you through every requirement.

To dissolve a company in Texas, you need to file a Certificate of Termination with the Secretary of State. This process requires specific forms and potentially notifying any creditors. The Irving Texas Dissolution Package to Dissolve Limited Liability Company LLC makes this process easier, as it includes everything you need to ensure a smooth dissolution. Utilizing this package allows you to navigate the steps more effectively.

After dissolving your LLC, you should cancel any business licenses and permits associated with it. Additionally, you must settle any remaining debts or obligations before officially closing the business. The Irving Texas Dissolution Package to Dissolve Limited Liability Company LLC offers guidance on these post-dissolution steps, ensuring you do not overlook important details. This support helps you move forward with confidence.

Typically, dissolving an LLC in Texas takes approximately 4-6 weeks to complete. This timeline includes the filing process and any necessary waiting periods for approval. By choosing the Irving Texas Dissolution Package to Dissolve Limited Liability Company LLC, you can streamline your dissolution process, ensuring everything is submitted correctly and promptly. This allows for a more efficient timeline.

If you fail to dissolve your LLC in Texas, you may face ongoing tax obligations and fees. Your LLC may continue to accrue penalties and interests, leading to potential legal complications. To prevent such issues, consider utilizing the Irving Texas Dissolution Package to Dissolve Limited Liability Company LLC for an efficient closure. This approach protects you from unnecessary liabilities.

To dissolve your LLC in Texas, you need to submit a Certificate of Termination. This form can be obtained from the Texas Secretary of State's website. Using the Irving Texas Dissolution Package to Dissolve Limited Liability Company LLC simplifies this process, as it provides all necessary documents and guidance. Make sure to complete all requirements to avoid delays.

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Texas Dissolution Package to Dissolve Limited Liability Company LLC

TEXAS
LIMITED LIABILITY COMPANY DISSOLUTION

STATUTORY REFERENCE:

Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Texas Statutes: Business Organization Code; Title 1, Chapter 11 & Title 3, Chapter 101, Subchapter L

DISCUSSION

A Texas limited liability company (LLC) is dissolved and it must wind up its business affairs upon the happening of the first to occur of the following:

the period fixed for the duration of the LLC expires;
the occurrence of events specified in the articles of organization or in the regulations to cause dissolution;
the action of the members to dissolve the LLC;
if no capital has been paid into the LLC, the act of a majority of the managers or members named in the articles of organization to dissolve the limitedÂ liability company;
except as otherwise provided upon the death, expulsion, withdrawal pursuant to or as provided in the articles of organization or regulations, bankruptcy, or dissolution of a member or the occurrence of any other event which terminates the continued membership of a member in the LLC; or
entry of a decree of judicial dissolution under Section 6.02 of this Act.

A LLC is not upon the happening of an event of dissolution if there is at least one remaining member, and the business of the LLC is continued by the vote of that/those members as stated in the articles of organization or regulations of the LLC, or if not so stated, by all remaining members.

Unless otherwise provided in the articles of organization or in the regulations, an election to continue the business of the LLC must be made within 90 days after the date of the occurrence of the event of dissolution. If an election to continue the business of the LLC is so made, the election is not effective unless an appropriate amendmentÂ extending the period fixed for the duration of the LLC or deleting the event specified in the articles of organization that caused the dissolution is made by the LLC to its articles of organization during the three-year period following the date of the event of dissolution.

When the LLC is dissolved, the affairs of the business must be wound up as soon as reasonably practicable. The winding up is accomplished by the managers or members or by any other person or persons designated by the articles of organization, by the regulations, or by resolution of the managers or members. (A court of competent jurisdiction, on cause shown, may wind up the LLC's affairs on application of any member or the member's legal representative or assignee and may appoint a person to carry out the liquidation and may make all other orders, directions, and inquiries that the circumstances require.)

When the LLC is dissolved, and BEFORE it files Articles of Dissolution, the LLC

must cease to carry on its business except as may be necessary for the winding up process.

must send a written notice by registered or certified mail of the intent of the LLC to dissolve to each known creditor of and claimant against the LLC.

must collect its assets, convey and dispose of such of its properties as are not to be distributed in kind to its members, pay, satisfy or discharge its liabilities and obligations, (or make adequate provisions for payment and discharge of those liabilities and obligations), and

must do all other acts required to liquidate its business and affairs.

Â In the event that the assets of the LLC are not sufficient to satisfy or discharge all the LLC's liabilities and obligations, the LLC must apply those assets so far as they will go to the just and equitable payment of the liabilities and obligations.

After paying or discharging all of its obligations, or making adequate provisions for payment and discharge of those obligations, the LLC must then distribute the remainder of its assets, either in cash or in kind, among its members according to their respective rights and interest.

On the winding up of a LLC, the assets must be paid orÂ transferred as follows:

to the extent otherwise permitted by law, to creditors, including members who are creditors in satisfaction of liabilities (other than for distributions) of the LLC, whether by payment or by establishment of reserves;

unless otherwise provided by the articles of organization or regulations, to members and former members in satisfaction of the company's liability for distributions; and

unless otherwise provided by the articles of organization or regulations, to members its members according to their respective rights and interest.

When all liabilities and obligations of the LLC have been paid or discharged (or adequate provision has been made for those liabilities and obligations) and all of the remaining property and assets of the LLC have been distributed to its members according to their respective rights and interest, articles of dissolution are filed by a manager or authorized member, or in the case of a dissolution by action of the organizer of the LLC, by the organizer. In the event the LLC property and assets are not sufficient to satisfy and discharge all the LLC's liabilities and obligations and all the property and assets have been applied so far as they will go to the just and equitable payment of the LLC's liabilities and obligations, articles of dissolution are filed at that time.

If the LLC has elected to dissolve by action of its members, a copy of the resolution to dissolve, together with a statement that the resolution was adopted in accordance with Section D, Article 2.23, of this the Limited Liability Company Act.

When the articles of dissolution filed, there must be filed with them a certificate (#05-305 or #05-329) from the Comptroller of Public Accounts that all franchise taxes have been paid and that the company is in good standing for the purpose of dissolution.

A tax year ends on December 31st. The company must be in good standing through the date of receipt of the articles of dissolution by the secretary of state. A post mark date will not be considered as the date of receipt. The Secretary of State suggests thatÂ companies attempting to dissolve prior to the end of the franchise tax year, make their submissions well in advance of the tax deadline.

Limited liability companies not dissolved on or before December 31st will be subject to the new franchise tax year's requirements as of January 1st.

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Texas Dissolution Package to Dissolve Limited Liability Company LLC

TEXAS
LIMITED LIABILITY COMPANY DISSOLUTION

STATUTORY REFERENCE:

Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Texas Statutes: Business Organization Code; Title 1, Chapter 11 & Title 3, Chapter 101, Subchapter L

DISCUSSION

A Texas limited liability company (LLC) is dissolved and it must wind up its business affairs upon the happening of the first to occur of the following:

the period fixed for the duration of the LLC expires;
the occurrence of events specified in the articles of organization or in the regulations to cause dissolution;
the action of the members to dissolve the LLC;
if no capital has been paid into the LLC, the act of a majority of the managers or members named in the articles of organization to dissolve the limitedÂ liability company;
except as otherwise provided upon the death, expulsion, withdrawal pursuant to or as provided in the articles of organization or regulations, bankruptcy, or dissolution of a member or the occurrence of any other event which terminates the continued membership of a member in the LLC; or
entry of a decree of judicial dissolution under Section 6.02 of this Act.