If you own a Limited Liability Company (LLC) in Wisconsin that you no longer wish to continue operating, you will need to follow the proper legal process to dissolve your business. Dissolving an LLC involves several steps to ensure that you fulfill all your obligations and complete the process successfully. In this article, we will guide you through the steps required to dissolve an LLC in Wisconsin.
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Step 1: Review the Operating Agreement
The first step in dissolving an LLC in Wisconsin is to review your operating agreement. The operating agreement typically outlines the rules and procedures for winding up company affairs and dissolving the LLC. Take note of any specific requirements or procedures mentioned in the operating agreement, as you will need to follow them as part of the dissolution process.
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Step 2: Settle All Outstanding Obligations
Before dissolving your LLC, make sure to settle any outstanding obligations. This includes paying off creditors, vendors, and any other outstanding debts. You should also complete all pending contracts and agreements and ensure that all necessary licenses, permits, and taxes are up to date.
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Step 3: Obtain Approval from Members or Managers
If your LLC has multiple members, it is important to obtain approval from all members to dissolve the business. Check your operating agreement, as it may specify the required percentage or agreement from members or managers necessary for dissolution. Once you have obtained the necessary approvals, proceed to the next step.
Step 4: File Articles of Dissolution
In Wisconsin, LLCs need to file Articles of Dissolution with the Wisconsin Department of Financial Institutions (DFI) to officially dissolve the company. You can file the Articles of Dissolution online or by mail. When filing, you will need to provide the following information:
- LLC name
- Original filing date
- Statement of intent to dissolve
- Effective date of dissolution
Include the appropriate filing fee, which is subject to change, with your submission. You can find the current fee on the DFI website .
Step 5: Notify Tax Authorities
When dissolving your LLC, it is essential to notify tax authorities to avoid future tax liabilities. Inform the Wisconsin Department of Revenue in writing about the dissolution of your LLC. It is advisable to consult with a tax professional to understand any final tax obligations or requirements associated with the dissolution.
Step 6: Close Business Accounts
Close all your financial accounts associated with the LLC, including business bank accounts, credit cards, and merchant accounts. Ensure that all pending transactions are cleared and that you notify any recurring charges or payments linked to the accounts. Settle any outstanding balances before closing the accounts.
Step 7: Inform Employees, Clients, and Suppliers
Communicate the dissolution of your LLC to your employees, clients, and suppliers. Discontinue any ongoing projects or services, and provide them with the necessary information, such as contact details for ongoing support or inquiries. Promptly settle any outstanding payments due to employees and suppliers.
Step 8: Retain Required Records
Wisconsin law requires that you retain certain LLC records for a specific period after dissolution. These records include financial statements, tax returns, and any other official documents. Consult the Wisconsin DFI website or seek legal advice to ensure you maintain the necessary records as per legal obligations.
Conclusion
Dissolving an LLC in Wisconsin involves a series of critical steps to be followed diligently. It is advisable to consult with a legal professional or tax advisor to ensure that you complete every requirement correctly. By adhering to the proper dissolution process, you can avoid any potential legal or tax complications and close your business smoothly. Remember to settle all outstanding obligations, notify relevant parties, and file the necessary documents with the appropriate authorities.
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