To dissolve a small business in Pennsylvania, the following steps need to be taken:
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Vote to Dissolve: The first step is for the company's members, shareholders, or partners to vote in favor of dissolving the business. The vote must be recorded in the company's minutes and must meet any requirements in the company's operating agreement or bylaws.
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File Articles of Dissolution: The next step is to file Articles of Dissolution with the Pennsylvania Department of State, Corporation Bureau. The form can be downloaded from the Department of State's website. The form requires information about the business, including the name, address, and registered agent, and the reason for dissolution.
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Settle Liabilities: The business must pay or settle any outstanding debts, obligations, or taxes before dissolution. This includes filing final tax returns and paying taxes owed.
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Notify Creditors: The business must provide notice to all known creditors by mail, describing the pending dissolution and requesting that they file any claims against the business.
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Distribute Remaining Assets: Any remaining assets must be distributed to shareholders or partners in accordance with the business's operating agreement or bylaws.
Once these steps have been completed, the business will be legally dissolved. It is important to note that there may be additional steps depending on the specific circumstances of the business. It is recommended to consult with a licensed attorney for guidance throughout the dissolution process.
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