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For federal tax purposes, youll need to file IRS Form 990 or IRS Form 990-EZ. You must include a completed Schedule N (Liquidation, Termination, Dissolution, or docHub Disposition of Assets), as well as copies of your articles of dissolution and proposal to dissolve.
While both words are concerned with the end of a business partnership, dissolution refers to the process itself, and usually to the departure (or death) of one or more individuals from the entity, while termination refers to the cessation of all operations, including the disposal of all assets.
To formally dissolve, businesses must file with the Indiana Secretary of State first. Please note that closing your business in INBiz will only end your obligations to the Secretary of States office. You are responsible for properly closing the business with all other agencies in which your business is registered.
To dissolve your LLC in Indiana, submit one original and one copy of the Indiana Articles of Dissolution (Form 49465) to the Indiana Secretary of State (SOS) by mail or in person. Articles of Dissolution can be filed online if you pay using an IN.gov payment account or a MasterCard, Discover or Visa credit card.
To remove a member from your LLC, a withdrawal notice, a unanimous vote, or a procedure depicted in the articles of organization may entail. The member in question of removal may need to get compensated for his share of membership interests.
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Modes of dissolution A corporation may be dissolved voluntarily or involuntarily. Voluntary dissolution could be done by (1) shortening the corporate term, (2) filing a request for dissolution (where no creditors are affected), and (3) filing a petition for dissolution (where creditors are affected).
By dissolving an LLC properly, it means that the LLC is no longer a legal business entity so you wont be expected to pay any fees or taxes, or file any more documents. Despite no longer operating, it is possible for members to create a new LLC and run it in the same way as the dissolved company.
If you file online, the state will process your dissolution in 15 minutes during business hours, or by the next day if you submit your forms while theyre closed. If you send your forms by express mail or deliver them in person before noon, Indiana will process your dissolution by noon of the following business day.
Closing Correctly Is Important Officially dissolving an LLC is important. If you dont, you can be held personally liable for the unpaid debts and taxes of the LLC. A few additional fees you should look for; Many states also levy a fee against LLCs each year.
To formally dissolve, businesses must file with the Indiana Secretary of State first. Please note that closing your business in INBiz will only end your obligations to the Secretary of States office. You are responsible for properly closing the business with all other agencies in which your business is registered.

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