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What steps do I need to take to dissolve my LLC in Ohio?

Picture of Chris Battis By   ·  1 minute read

Dissolving an LLC in Ohio

To dissolve your LLC in Ohio, there are certain steps that you should follow. Please note that these steps are based on current Ohio state laws and legal precedents.

  1. Check your LLC Operating Agreement: One of the first things that you need to do when dissolving an LLC is to check the operating agreement for any specific provisions regarding dissolution. If there are any such provisions, make sure to follow them carefully.
  2. File Articles of Dissolution: The second step is to file Articles of Dissolution with the Ohio Secretary of State. You can file the forms online, by mail, or in person. The forms should be completed accurately and must include specific information about the LLC, its owners, and its activities.
  3. Notify Your Creditors: The next step is to notify all creditors of the LLC that it is being dissolved. This is necessary so they can make a claim on any remaining assets of the LLC.
  4. Pay off Your Debts: You must pay off any debts and obligations of the LLC before you distribute the remaining assets among the members.
  5. File the Final Tax Returns: LLCs are taxed as pass-through entities, which means that the LLC's income is taxed through the owners' personal tax returns. File the final tax returns of the LLC and pay any outstanding taxes.
  6. Liquidate and Distribute Remaining Assets: Once all debts are paid off and tax returns are filed, the LLC's assets must be liquidated and distributed among the members in accordance with the operating agreement or Ohio law.
  7. Terminate Business Licenses and Permits: Finally, terminate any business licenses or permits that the LLC holds with the Ohio state government or local authorities.

It is important to note that there may be some additional requirements or exceptions that apply based on the specific circumstances of your LLC. For example, if the LLC has any outstanding legal disputes, a court may need to approve the dissolution. Therefore, it is highly recommended that you consult with a licensed attorney who can provide guidance and assistance tailored to your specific needs.