Business Dissolution in North Bethesda

A planned or unplanned business dissolution in North Bethesda is important. Even if you plan to close your company and you’re no longer operating your business, you still need to process the correct paperwork to legally close your operations. If you have formed a corporation or LLC, have business licenses, and/or pay taxes, the state still sees you as operating, and will continue to try to get you to pay fees and taxes.

It’s your responsibility to handle the paperwork that notifies the state business resources that your business is no longer operating. That way, you are no longer required to pay these fees.

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The Dissolution Paperwork You Need to Handle

Even though every business is different, yours will need to handle at least some of these administrative tasks to ensure that you are no longer on the hook for taxes or permit fees.

1. Dissolve Your Business Structure

Incorporating a business or forming an LLC was important when you started a business. Now it’s important to dissolve your business structure in the appropriate way. First, hold a meeting with your business partners or Board of Directors and ask them vote on closing the business. This vote needs to be officially recorded.

You’ll then need to file your Articles of Dissolution with your state. This document lets your state know that you are no longer operating as a corporation or LLC.

2. File Your Last Tax Return

You don’t need to wait until tax season to pay your final tax return. When you file, make sure to check the “final return” box when filing your tax forms so the IRS knows you won’t be filing future returns. You also need to report shareholder allocations (and losses) for partners on Schedule K-1.

Remember to pay any outstanding taxes, including payroll, sales, and income.

3. Cancel Business Permits and Licenses

Contact each government office where you applied for a business permit and let them know you are no longer operating. Remember: business licenses come from the city, county, and state levels, so don’t miss any of them.

Make sure to take care of all this paperwork before the end of the year to avoid penalties and to prevent the IRS or Secretary of State from sending you additional bills.

About Tia Cantrell, CPA

Tia Cantrell was born in the Republic of Georgia, in the seaside palm tree shaded city of Sokhumi on the Black Sea. She became a refugee at the age of 13. Her entire family was displaced as a result of a punitive post-Soviet war. Tia’s parents stayed back until the very last day and spent the rest of their lives hoping one day they would get to go back to the home they missed so much. Unfortunately, that’s one dream she has not been able to help them realize.

At 16, Tia became an exchange student and came to an American high school, completely mesmerized by the new culture. She went back to Georgia, and 5 years later her American host parents gave her an opportunity of a lifetime to come back to the US and start a new life in the States. That’s one gift that Tia can never fully repay them for. It was priceless to her.

Tia Cantrell entered college not quite sure of the path she would choose. That changed when Dr. Terrell entered her classroom. She was strong, vibrant, extremely competent with a knack to make the most complex topics easily understood. During her class she would tell stories from when she and her husband owned and operated a public accounting firm for 18 years. She shared that they would help clients from all walks of life. That was the spark that ignited the beginning of Tia’s lifelong love of accounting and finances, a critical trait that makes a true difference in delivering quality solutions to her clients to this day.

That lifelong love was also made possible by a handsome Tennessean she met along her journey. Many years later, with two little girls and their share of ups and downs, they are still going strong and Tia is confident that she wouldn’t change a thing.

In Tia’s own words:

As a young mom, and early in my career, I worked in government internal auditing, eventually transitioning to project/program management, leading large-scale financial software implementations, facilitating complex issue resolutions across teams, departments and organizations. (Boy! That’s a mouthful!)

That was all great but I couldn’t live without those numbers (it really is a curse!) so in a parallel path I supported two full-service CPA firms, true giants in their field, David Clampitt, CPA and CJ Babbit, CPA. I was truly fortunate to have had such amazing mentors. These two positions completely influenced my style and the way I approach problem resolution for my own business and individual clients today.

That is why North Bethesda CPA was born: to help me and the employees who share my vision to take a holistic view of your finances and tailor our services to deliver the best value to our clients. Make an appointment with us. You’ll learn for yourself how we can help. Click here to get started.

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