by: KATIE MARASCO, ESQ.

Are you thinking about dissolving your business in these tough economic times? There might be some important legal considerations that come into play. For example, most states require that you file an official statement of dissolution with the Secretary of State. You will also have to notify any creditors of your intent to dissolve and may even be held personally liable for debts remaining with them. Even after a formal dissolution your company will have to stay in business in order to tie up any lose ends such as selling off assets and repaying creditors. It is also important to check with your state tax board to see if their approval is required to officially dissolve. For more information on dissolving your business contact an attorney in your area, visit LawInfo for help finding one.

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https://blog.lawinfo.com/2009/05/11/things-to-consider-if-business-dissolution-is-on-your-mind
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