Dissolving Your Company in New York
Company Dissolution in New York
To dissolve a company in New York 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
Corporations only: written consent of the New York State Department of Taxation and Finance must be attached to the Certificate of Dissolution when it is submitted to the Department of State for filing. Also, consent of the New York City Commissioner of Finance must be attached to the Certificate of Dissolution if the corporation has done business in and incurred tax liability to the City of New York.
2. Filing Articles of Dissolution
Articles of Dissolution are filed with New York State Department of State. The processing of dissolution at the New York State Department of State level takes about 7 business days.
3. Newspaper Publication
There are no newspaper publication requirements to dissolve a company in New York.
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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