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What are the steps I need to take to properly dissolve my business in Florida?

Picture of Chris Battis By   ·  1 minute read

To properly dissolve a business in Florida, there are several steps that need to be taken. The following is a general overview of those steps:

  1. Vote to dissolve the business:

    The first step to dissolving a business in Florida is to hold a vote among the partners, shareholders, or members (depending on the type of business entity) to decide to dissolve the business. If the business is a corporation, the vote must be held by the board of directors.

  2. File paperwork with the Secretary of State:

    Once the decision to dissolve the business has been made, paperwork must be filed with the Florida Secretary of State. For corporations, the paperwork is called Articles of Dissolution, and for LLCs, it is called a Certificate of Dissolution. The paperwork must include the name of the business, the date of dissolution, and the reason for dissolution.

  3. Notify creditors:

    The business must notify all known creditors of the impending dissolution. This gives them the opportunity to file any claims against the business before it is dissolved.

  4. Settle debts and obligations:

    Before dissolving the business, all debts and obligations must be settled. Any remaining assets of the business will be used to pay creditors.

  5. Distribute remaining assets:

    Once all debts and obligations have been settled, any remaining assets of the business can be distributed among the partners, shareholders, or members (depending on the type of business entity).

  6. Cancel business licenses and permits:

    The business must cancel any licenses or permits that it holds with the state or local government.

  7. File final tax returns:

    The business must file its final tax returns with the IRS and the Florida Department of Revenue.

It is important to note that this is a general overview of the steps required to dissolve a business in Florida, and there may be additional steps depending on the specific circumstances of the business. It is also recommended to seek the advice of a licensed attorney to ensure that all legal requirements are met.