Starting a business can be a struggle, ending one can be even harder. If you have started an LLC and you are not sure what to do when you want to end it, there are some things that you can do. Dissolving an LLC is not all that simple, but with the right help and the right legal team, you can dissolve an LLC without issues.
What is an LLC?
An LLC stands for limited liability corporation. This is a popular business model that helps to limit the overall liability of the people that are involved in it. This means that if you are looking to open a business but want to protect your home or other assets, this is a great business model to follow. This business model helps to protect those involved with the LLC from the debts and the liabilities of the business itself.
Say for instance that you have a business that is an LLC and someone is suing you. The business is going to be sued and you cannot then sue the individual, which means that you are going to be able to protect your own assets so that you do not have to worry about losing your home or other similar issues. An LLC is a great option if you want to open a business and you want to limit your overall risk that you can take.
Why Might You Dissolve an LLC?
There are a few reasons that you might want to dissolve an LLC. The first is that you simply do not want to be a part of it anymore. This can happen if one or more of the people in the LLC decides that they no longer want to be part of it and they want to either move on to other things or simply get rid of the LLC that is already in place.
Another reason you may want to dissolve your LLC is that you are not making money or the LLC is going bankrupt. In this case you may also need to discuss bankruptcy options with an attorney to help get rid of that debt and make sure that you are going to be covered. If you want to dissolve an LLC due to money loss or due to the overall bankruptcy, you do need to take the time to make sure you are getting bankruptcy help if you need it so that you can handle the debts and move on.
Still another reason you may be looking to dissolve an LLC is that you are dealing with some legal issues. Again, if this is the case you may need to speak with your attorney to figure out what should be done rather than dissolving the LLC and not taking care of the legal issues that are at hand first off.
How to Dissolve an LLC in Missouri
The first step is to fill out a form that is called either a Notice of Merger or Consolidation of an LLC or Notice of Winding Up. The first, a Notice of Merger or Consolidation is also called a form LLC-2 and denotes that the company may be merging with another company or that it might be consolidating to another company and therefore that standalone LLC is no longer needed.
If you are not consolidating or merging, you can also file a Notice of Winding Up or an LLC-13. This is a paper that is used when you want to completely get rid of an LLC and you can note in the form that you are dissolving the LLC and that it will no longer be an entity. With either form you need to be thorough, fully transparent, and you need to take the time to cross all your t’s and dot your I’s so you can be sure that everything is closed up legally.
If you have any arbitration or legal issues pending you are going to need to take the time to make sure that you are paying attention and that you seek the help of a lawyer when closing up. They will be able to help you fix or handle the issues at hand before the LLC is dissolved. The right legal team can make the entire process easier and faster and can help you stop worrying about what you are doing and the overall dissolution process. The right team can make all the difference and can help you get out of your LLC with ease.
