What legal steps do I need to take to dissolve my business in Pennsylvania?

To dissolve a business in Pennsylvania, there are several legal steps that need to be taken.

1. Decide on the type of business entity: The first step is to identify the type of business entity you have (sole proprietorship, partnership, LLC or corporation).
2. Obtain written consent from all partners: In case there are multiple partners, it is important to obtain their written consent to dissolve the business.
3. File Form DSCB: The next step is to file Form DSCB 15-134A with the Department of State’s Corporation Bureau. This form needs to be signed by an authorized person, and the filing fee will be $70.
4. Deposit taxes: If your business was responsible for collecting and paying any sales taxes, you’ll need to pay all outstanding taxes and fees before you dissolve the business.
5. Cancel licenses and permits: You’ll also need to cancel any licenses, permits, or registrations that the business has acquired.
6. Distribute assets: If there are any remaining assets of the business, they will need to be distributed among the partners or shareholders.
7. Notify creditors: Finally, notify any creditors of the business of the impending dissolution. Provide them with a forwarding address where they can send any outstanding bills or payments.

It is important to note that once the above steps are completed, the business is not considered dissolved. The Department of State’s Corporation Bureau will review and approve the dissolution. Once approved, the business will be considered dissolved in Pennsylvania.

If there are any other specific aspects related to dissolving your business, it is highly recommended to consult with a licensed attorney who can provide tailored advice based on your unique circumstances.