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Some of the cons include: Creditors can object to the dissolution, and those creditors can potentially take legal action. This legal action may force the business to pay outstanding debts. The leases on any properties owned by the business are not automatically terminated when the business is dissolved.
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.
If you dissolve the LLC when there are known/present creditors, the members of the LLC will generally be liable for amounts distributed from the LLC to the owners.
Although some people confuse dissolution and termination, dissolution does not terminate an LLCs existence. What it does is change the purpose of its existence. Instead of conducting whatever business it conducted before, a dissolved LLC exists solely for the purpose of winding up and liquidating.
Indiana Dissolution FAQs The filing fee for walk-in and mailed documents is $30. Online filings come with a $20 fee.

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Often, an LLCs dissolution is triggered by a vote of the members. Before a vote is taken, it is important to read the operating agreement. It may set forth the number or percentage of members who have to approve dissolution. It may also require a meeting to be held, notice to be given, and other formalities.
The assets and liabilities will be reallocated among the companys owners and creditors. A voluntarily legal closing of a business is called dissolution, whereas liquidation is the sale of a companys assets to pay creditors.

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