When you’ve made the difficult decision to shut down your business, it isn’t as easy as simply closing the doors for good and putting an “out of business” sign out front.
Under Texas law, you must go through the dissolution process in order to dissolve your Texas limited liability corporation (LLC). It may sound complicated, but a good business lawyer can make it easier. Below we go into further detail about the steps you will need to take to successfully dissolve your LLC in Texas.
The Certification of Termination
In order to get your LLC dissolved in Texas, you will need to file a certificate of termination with the Secretary of State. The form itself is pretty standard and will include some basic information, such as:
The name of your company
The date it was formed
Your file number
Names and addresses of governing members of your LLC
Period of duration specified by your certificate of formation is over
Occurrence of event specified by your certificate of formation has happened
Occurrence of event specified by Texas business organizations code that requires dissolution has happened
Court decree to dissolve has occurred
You will also need to select when the dissolution date is effective by and attach an official tax certificate from the Texas comptroller. This will certify that your LLC is paid up to date on it’s taxes.
How Much Does It Cost to Dissolve an LLC in Texas?
The fees for dissolving an LLC in Texas are minimal. You need only pay a $40 filing fee to the state in order to get your certificate of termination filed. You may also need to cover your attorney fees, remaining taxes or debts your LLC owed, and other loose ends to officially shut down your business.
How Long Does It Take to Dissolve an LLC?
Once your certificate of termination is filed, processing only takes three to five business days. But the entire process will depend on how long it takes your business to work through the winding up process. There are specific tasks you need to meet, including:
Ceasing business activities
Sending a notice of dissolution to claimants
Collecting and selling property
Applying and distributing property to liability obligations
Resolving any existing lawsuits
Any other relevant acts necessary to tie up your LLC’s affairs
Because every business is different, the amount of time it will take to dissolve your LLC could vary considerably. To get a better idea of how long you could expect your dissolution process to take, contact The Curry Law Firm.
Reach Out to a Business Dissolution Lawyer
Dissolving your LLC in Texas can be a long, drawn-out process if you don’t have the proper legal representation. Don’t get stuck dealing with additional costs when you are trying to move forward with your life.
Get an experienced business attorney to examine your legal documents and prepare your business for the dissolution process. Call The Curry Law Firm to schedule a free, no-risk consultation. We can be reached by phone at 713-678-0013 or through the convenient contact form we have included at the bottom of this page.