Managing Your Business

Company Dissolution in Delaware

company dissolution

company dissolutionUnfortunately, sometimes things don’t get better and companies that start with great enthusiasm can’t make enough profits. We will give some details about the dissolution of a company in Delaware in this article.

What do you need to dissolve your company?

When you first set up your company, a Certificate of Formation was legally granted to you. Now, when it is time to dissolve your company, a Certificate of Dissolution for Corporations is created. For Limited Liability Companies (LLCs), a Certificate of Cancellation is created.

The most important thing to consider before you prepare the necessary documents for the closure of your company is that all franchise taxes have been paid. You will then need to issue a Certificate of Dissolution with the signature of you or someone else who is a beneficiary of the company. You can consult us to get help.

A cover memo (information about the related issue and the company) is attached at the top of the document. Please do not hesitate to get help from us! Once your document is 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. The current company dissolution fee is $204; however, this fee is calculated annually. You can make payments either during delivery or by using internet banking systems.

The process usually takes 3-5 business days to complete.

You should note that before the dissolution of your company if you have a bank account of the company do not forget to close it.

Besides, please consult your accountant and tax professionals about the dissolution of your company.

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