Sometimes businesses do not unfold as expected and consequently fail to make enough profits. In such an event, the dissolution of the company might be a better course of action at that time. We will give some details about the dissolution of a company in Delaware in this article.
To do’s
- Make sure that all franchise taxes have been paid. You will then need to issue a Certificate of Dissolution/Cancellation with the signature of you or someone else who has a signatory power.
- When you first set up your company, a Certificate of Formation was legally granted to you. This time, in an event of dissolution of the company, a Certificate of Dissolution for Corporations or a Certificate of Cancellation for LLC will be drafted.
- A cover memo (information about the related issue and the company) will be attached at the top of the document. Once your documents are ready, you must deliver it to the Division of Corporations of the State of Delaware. You also have to pay a fee to dissolve your company during the delivery of the file. You can make payments either during delivery or by using internet banking systems.
- The process usually takes 3-5 business days to complete.
- If you have a bank account of the company, do not forget to close it.
- Be sure to consult your accountant and tax professionals about the dissolution of your company as well.
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