Dissolving Your Company in Minnesota
Company Dissolution in Minnesota
To dissolve a company in Minnesota first step is to have a meeting of its members (for LLC) or directors/shareholders (for corporation) and have a resolution drafted authorizing dissolution. Once such resolution was ratified, the process of dissolution involves the following steps:
1. Obaining Clearances & Consents
There are no clearances of consents required to dissolve a company in Minnesota.
2. Filing Articles of Dissolution
Articles of Dissolution are filed with Minnesota Secretary of State. The processing of dissolution at the Minnesota Secretary of State level takes about 5-7 business days.
3. Newspaper Publication
There are no newspaper publication requirements to dissolve a company in Minnesota.
4. Updating Other Agencies & Company Documents
Don’t forget to notify the IRS and other state agencies regaring the dissolution. Also, make sure you file a “final” tax return for the company.
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