Suppose you own an LLC in North Dakota and want to dissolve it. All limited liability companies in North Dakota are legally required to undergo a formal dissolution process.
There are a few steps you must take to make this happen.
We will walk you through the process of dissolving an LLC in North Dakota in this blog post. We will provide you with information on the steps you must take and the documents you must submit. Let's get started.
Step 1: Follow Your North Dakota LLC Operating Agreement
Even though North Dakota law does not require operating agreements, they are important documents for your North Dakota LLC. It also contains provisions for what will happen if the LLC is dissolved.
You should review your operating agreement to see what is required to dissolve your North Dakota LLC.
In most cases, you will need to follow the procedures outlined in your operating agreement, some of them including holding a dissolution vote with all members of the LLC.
Step 2: File Annual Reports
To dissolve your limited liability company, all North Dakota LLC is required to file a North Dakota annual report and pay taxes with the North Dakota Secretary of State's office.
To do this, you will need to complete and submit the Annual Report for Business Corporation or Limited Liability Company form. You can find this form on the North Dakota Secretary of State's website.
Step 3: Close All Tax Accounts
You will need to close various tax accounts associated with your business that are maintained by different departments within the North Dakota State government.
It includes your North Dakota state tax account and your federal Employer Identification Number (EIN) from the Internal Revenue Service (IRS). To do this, you will need to file a final tax return for your LLC.
If you have any employees, you will also need to obtain a clearance certificate from the North Dakota Department of Labor. This certificate indicates that all unemployment taxes have been paid.
Step 4: File Articles of Dissolution
To dissolve your North Dakota LLC, you will need to file North Dakota LLC Articles of Dissolution with the Secretary of State's office. The filing fee is $20.
You can file your Articles of Dissolution online, by mail, in person, or have a professional service provider do it for you. Be sure to include your LLC name, LLC number, the date of dissolution, the reason for dissolution, and the signature of LLC members and a registered agent.
You should receive a confirmation letter from the North Dakota Secretary of State's office within a few days after they have received and processed your Articles of Dissolution. Once you have received this confirmation letter, your North Dakota business has been officially dissolved.
After Dissolving Your LLC
Once your North Dakota LLC is dissolved, you will need to cancel any licenses or permits that are associated with the LLC.
You will also need to notify the North Dakota Department of Revenue of the dissolution of your LLC.
After that, you need to pay off all business debts and liabilities of the LLC. And finally, you can distribute the LLC assets to its LLC members.
How to Dissolve a Foreign LLC in North Dakota?
If your LLC is foreign, you will need to file a Certificate of Cancellation with the North Dakota Secretary of State's office. \
You can get this form from the Secretary of State's website or by contacting their office directly.
How to Dissolve a Domestic North Dakota LLC
If your LLC is domestic, you will need to file a Domestic Limited Liability Company Dissolution form with the North Dakota Secretary of State's office.
This form is also known as the Articles of Dissolution. You can get this form from the Secretary of State's website or by contacting their office directly.
Dissolving an LLC in North Dakota: Conclusion
Dissolving your LLC is a relatively simple process in North Dakota. We hope this blog post has been helpful in walking you through the process of dissolving your business entity.
If you have any questions about dissolving your LLC, please contact a professional service provider. They can help you with the process and make sure that everything is done correctly. Thanks for reading!