Limited Liability Company is a business entity created under state law. Like all businesses, there are times when an Alaska LLC will need to be dissolved.
Whether you're dissolving your Alaska LLC voluntarily or involuntarily, there are specific steps you'll need to take to do so. Here's what you need to know about dissolving your business legally.
What Should I Know About LLC Dissolutions in Alaska?
When dissolving an LLC in Alaska, it is important to have a few key things in mind. First, you will need to review an operating agreement in place.
This document will outline the dissolution process and should be reviewed by all LLC members. Additionally, it is crucial to be aware of any professional licensing requirements for your business.
Alaska LLC Operating Agreement
An LLC's operating agreement is a legally binding document that outlines the rules and regulations for running the Limited Liability Company.
This includes how the LLC will be managed, what happens if a member leaves, and how decisions will be made. Dissolution provisions are typically included in an LLC's operating agreement.
If your LLC does not have an operating agreement, you can still dissolve the LLC, but you'll need to take the following steps to dissolve your LLC:
Step 1: File a Certificate of Dissolution
Filling a Certificate of dissolution with the Alaska Division of Corporations, Business, and Professional Licensing corporations is the first step to dissolve your LLC. This can be done online, by mail, or in person.
This dissolution form is also available on the Alaska Division of Corporations website.
The filing fee is $25. You will need the following information to file:
- The business name and filing number
- The date of dissolution
- The reason for dissolution (e.g., voluntary or involuntary dissolution)
- The signature of a manager, member, or authorized person
Step 2: Notifying Creditors and Close your Tax Accounts
After you have filed for dissolution, you will need to notify all you creditors. You can do this by sending a certified letter to each creditor. The letter should include the date of the dissolution and your contact information.
Additionally, you should also close your tax accounts you can do this by paying your tax obligations filing a final return and related forms.
Taking these steps will dissolve your Alaska LLC. Once the LLC is dissolved, its members are no longer liable for the debts and obligations of the business.
However, it's important to note that dissolving an LLC does not release members from their personal guarantees or contracts they signed in their individual capacity.
Step 3: Cancel any permits or registrations related to your LLC
The final steps in dissolving your LLC in Alaska include canceling any business licenses and permits and closing any bank accounts associated with the LLC
. You will also need to remove the LLC from any leases or contracts. After you have taken care of all of these final steps, your LLC will be officially dissolved.
What Is the Alaska Division of Corporations, Business and Professional Licensing?
The Alaska division of corporations, business and professional licensing is responsible for the regulation of businesses in the state.
This includes issuing business registration licenses and permits, enforcing compliance with state laws and regulations, and investigating complaints.
What Are the Tax of Dissolving an LLC?
When an LLC is dissolved, the business tax assessed by the state is generally divided among the members based on their interests.
Dissolving an LLC in Alaska: Conclusion
Dissolving your Alaska LLC is not hard. By following the steps listed above, you can dissolve your LLC in Alaska.
Alternatively, you can hire a specialized service like IncFile and have them submit the articles of dissolution on your behalf. We endorse these services since we have personally utilized them a few times to wind up some of our client's enterprises.