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Texas Dissolution Package to Dissolve Limited Liability Company LLC

Sugar Land Texas Dissolution Package to Dissolve Limited Liability Company LLC

Category:

Limited Liability Company - Dissolution

State:

Texas

City:

Sugar Land

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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FAQ

Dissolving a Texas limited partnership requires filing a Certificate of Termination with the state. You also need to resolve any outstanding debts and notify creditors. To facilitate this process, consider using the Sugar Land Texas Dissolution Package to Dissolve Limited Liability Company LLC, which provides all the necessary forms and guidance to ensure compliance with Texas laws.

To remove yourself from a partnership LLC in Texas, you should first consult your operating agreement, as it often outlines the procedure for withdrawal. Next, communicate your intent to the other partners and ensure all necessary documentation is completed. Using the Sugar Land Texas Dissolution Package to Dissolve Limited Liability Company LLC can streamline this process, helping you manage your exit smoothly.

Dissolving a limited partnership involves following specific legal protocols. You must file a Certificate of Termination with the Texas Secretary of State, and ensure that you meet any obligations to creditors. Utilizing the Sugar Land Texas Dissolution Package to Dissolve Limited Liability Company LLC can simplify this process by providing you with the correct documentation needed for dissolution.

To dissolve an LLC in Texas, you typically need to file a Certificate of Termination with the Texas Secretary of State. This process may also involve completing the Sugar Land Texas Dissolution Package to Dissolve Limited Liability Company LLC, which provides comprehensive forms to ensure you meet all requirements. It is important to remember to settle any debts and liabilities as part of the dissolution process.

Dissolving a partnership requires several key steps. First, you should review your partnership agreement to understand the terms and conditions of dissolution. Next, you must notify all partners and any relevant third parties of your intention. Finally, completing the necessary forms, such as the Sugar Land Texas Dissolution Package to Dissolve Limited Liability Company LLC, ensures you fulfill all legal obligations.

Dissolving an LLC can seem complicated, particularly if you are unfamiliar with the legal requirements. However, with the right resources, it can be a straightforward process. Using a Sugar Land Texas Dissolution Package to Dissolve Limited Liability Company LLC simplifies your experience, ensuring that you complete each step correctly without confusion.

The time it takes to dissolve an LLC varies by state, but it typically can take anywhere from a few weeks to a few months. Once you submit the necessary forms and fees, the state will process your dissolution request. A Sugar Land Texas Dissolution Package to Dissolve Limited Liability Company LLC streamlines this process, making it easier and quicker for you.

If you never dissolve your LLC, it remains legally active, leading to potential ongoing fees and tax obligations. Additionally, not dissolving the LLC may leave you liable for debts and legal actions against the business. Opting for a Sugar Land Texas Dissolution Package to Dissolve Limited Liability Company LLC can provide peace of mind by formally ending your responsibilities.

If you create an LLC and do not use it, you may still be responsible for annual fees and filings. Additionally, the state may take actions against your LLC if it remains inactive for an extended period. Using a Sugar Land Texas Dissolution Package to Dissolve Limited Liability Company LLC can help you avoid unnecessary costs and legal obligations.

Dissolving an LLC means officially closing the business and ending its legal existence. Terminating, on the other hand, generally indicates stopping operations without completing the legal dissolution process. A Sugar Land Texas Dissolution Package to Dissolve Limited Liability Company LLC helps ensure that your LLC is dissolved correctly, protecting you from future liabilities.

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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.