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But when an LLC dissolves and distributes its remaining assets and funds to its members, it is still possible for third parties to sue and recover from individual members up to the extent of those distributions.
A document informing the secretary of state that your corporation will be dissolving.
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.
What typically has to be done. Notifying creditors that the LLC is dissolved. Closing out bank accounts. Canceling business licenses, permits, and assumed names. Paying creditors or establishing reserves to pay them. Paying taxes. Filing final tax returns and reports.
It legally terminates the LLCs existence. How Much Does it Cost to Dissolve an LLC in Georgia? The main cost is the $10 filing fee for the Certificate of Termination. Additional legal/accounting fees may apply.
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