You need an experienced and proven legal partner when ending your San Diego business through a corporation dissolution process. When is it time to implement a corporate dissolution for a C-Corporation, S-Corporation or the closing of an LLC? A company or corporation is usually dissolved when ordered to do so by a court ow when the owners or principle shareholders determine the entity is no longer viable and needs to be concluded. Corporate dissolution immediately eliminates several expenses including the cost of creating reports for the California Secretary of State and paying associated fees as well as the annual $800 franchise tax. Corporate dissolution ensures the final filing of state and federal tax returns and saves the costs of these filings in the future as well.
Watkins Firm attorneys have helped to dissolve hundreds of businesses. If you are considering ending your San Diego business through a corporate dissolution we can help. If your business has been suspended or is not in good standing with the state we will help to “revive” the company so that it may ultimately be dissolved. This includes filing of appropriate paperwork and the payment of any fees which are in arrears.
The primary benefit of corporate dissolution is the closing of contingent liabilities. There are several steps in the process including but not limited to:
- Completing all existing business, contracts and corporate obligations
- Resolution of outstanding disputes, litigation or contingent liabilities involving the business
- Prepare and submit final federal and state tax returns
- Liquidate all assets
- Retire all debts and taxes owed
- Settle owner capital accounts
- Obtain a California FTB “Clearance Certificate” (or other state forms establishing the completion of all corporate obligations and liabilities)
If you would like more information about closing a company or ending your San Diego business through a corporate dissolution we invite you to contact us or call 858-535-1511 for a free consultation.