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Corporate Dissolution - EQUINOX

What happens if you have to dissolve your business? Just as setting up a business, dissolving a business has formal steps that are required to protect you from liability. If you’re a corporation or LLC, you must file a Certificate of Dissolution with the Secretary of State. A corporation, though, is also required to publish its dissolution in a business publication to notify creditors of its closure. If the corporation complies with this requirement, creditors must notify the corporation within 120 days following the dissolution to demand any outstanding payment. If the corporation does not comply with this requirement, the creditor may continue to request payment for any debts for up to 3 years. An LLC may not have the publication requirement but instead always allows the 3 year window for creditors to pursue their monies. Make sure you know what needs to be done to ensure you get out of a business safely.