If your LLC is no longer in business it’s best practice to legally dissolve the LLC. The dissolution process in New York is similar to the set up process; it involves drafting and filing of Articles of Dissolution with the New York Secretary of State, payment of filing fees, and winding down of open business accounts.

What are the advantages of LLC Dissolution?

It seems like every year there’s a new scam that involves identity theft of an inactive LLC that was left open. Properly dissolving will help protect against these types of risks and also will help to avoid future renewal fees. There are also many different business reasons why you may want to consider legally terminating an LLC (ie. consolidation, insurance, accounts receivable, etc.)

What are the disadvantages?

There is really no disadvantages of dissolving per se, other that the fact that it takes a few days to process and payment of legal and state filing fees are involved. However, the fees and paperwork are negligible and the process is fairly painless.

How to dissolve my LLC?

Send us an email and we can schedule a call to discuss. Our LLC Lawyer will handle the entire process for a flat fee and email you the confirmation paperwork once it’s complete.