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What are the steps I need to take to dissolve my business in New York?

As a lawyer, the steps you need to take to dissolve your business in New York include the following:

  1. Hold a Meeting to Discuss Dissolution: The first step is to hold a meeting of the board of directors or partners to formally discuss and approve the dissolution of the business. This meeting must be documented in the minutes of the company.
  2. File Articles of Dissolution: The business must then file Articles of Dissolution with the New York Department of State. This document formally and legally terminates the business's existence. The filing fee for the Articles of Dissolution is $60.
  3. Pay Outstanding Taxes and Debts: The business must pay all outstanding taxes and debts before dissolving. Failure to do so can result in personal liability for the business owners.
  4. Notify Creditors: Notify all creditors and fulfill all obligations before dissolving. This will help avoid legal issues and penalties in the future.
  5. Cancel Licenses and Permits: Cancel all licenses and permits registered in the name of the business with the New York State Division of Licensing Services.
  6. Close Bank Accounts: Close all bank accounts linked to the business and transfer any remaining assets and funds to the owners.
  7. Inform Employees: Inform employees of the dissolution of the business and provide any required notice under applicable labor laws.

It is important to note that there may be additional steps required based on the specific circumstances of your business, such as notifying other government agencies or seeking legal advice if there are any ongoing legal matters or pending lawsuits.

Thus, it is advisable to consult with an experienced business attorney to ensure that all legal requirements have been met, and you are not exposing yourself or your business partners to any potential personal liability.