What legal steps do I need to take to dissolve my Ohio-based business?

To dissolve an Ohio-based business, there are several legal steps that must be taken.

1. Obtain a dissolution resolution: The first step is for the owners or shareholders to adopt a resolution to dissolve the company. This can be done by written consent or vote at a meeting.
2. File articles of dissolution: The next step is to file articles of dissolution with the Ohio Secretary of State. The articles of dissolution must include the name and address of the business, the date of adoption of the dissolution resolution, a statement indicating that all debts and obligations have been paid, and the name and address of the individual or entity that will wind up the affairs of the business.
3. Notify creditors and claimants: Once the articles of dissolution have been filed, the business must give notice to all known creditors and claimants. This notice must include the date by which claims must be submitted and a statement that claims not submitted by this date will be barred.
4. Liquidate assets and settle debts: The person or entity responsible for winding up the affairs of the business must sell or distribute all assets and settle all debts and obligations. Any remaining assets must be distributed to the owners or shareholders in proportion to their ownership or shares.
5. File final tax returns: Once all debts and liabilities have been settled, the business must file final tax returns with the IRS and the Ohio Department of Taxation.

It is important to note that there may be additional requirements or steps required depending on the specific circumstances of the business, such as if the business has employees, contracts, or licenses. It is recommended to seek the advice of a licensed attorney to ensure compliance with all applicable laws and regulations.