Learning Center, Managing Your Business

How To Wind Up A Company

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empty officeHow To Wind Up A Company

Unfortunately, sometimes things do not go as they were expected.

What do you need to wind up a company?

You were given a legal “Certificate of Formation” when you first started your business. You will also get a “Certificate of Dissolution” when you decide to wind up your company. (Certificate of Cancellation for LLCs).

The most important thing before you start the process is that you have already paid all your franchise taxes. Then, you (or another responsible executive) are supposed to prepare a Certificate of Dissolution/Cancellation and sign it. You can contact us to get help with these certificates. There should be a “cover memo” in the first part of this document. The cover memo should include what the topic is and what the company is about. After you have completed your documents, you should submit them to Delaware Division of Corporations. There is also a fee you need to pay to wind up your company. The current cost is $204; however, this fee is calculated annually. You can process your payment online or while you are submitting the documents.

The process usually takes 3-5 workdays.

Important Note: If you also have a corporate bank account, please don’t forget to close your bank account before you wind up your company. Do not hesitate to get support from attorneys and consultants.

You can contact us for any further questions.

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