Dissolving Your Company in Tennessee
Company Dissolution in Tennessee
The Process
To dissolve a company in Tennessee 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
The Division of Business Services will request a tax clearance for your corporation when you file the articles. If you have any outstanding tax debt, your articles will be rejected.
2. Filing Articles of Dissolution
Articles of Dissolution are filed with Tennessee Secretary of State. The processing of dissolution at the Tennessee Secretary of State level takes about 3-5 business days.
3. Newspaper Publication
There are no newspaper publication requirements to dissolve a company in Tennessee.
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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