Winding Down and Dissolving a business is often harder, and requires more work than forming the business. There are several steps which should be taken to prudently wind-down and dissolve your business to protect yourself from personal liability, adverse debt collection procedures, and many other traps for the unsuspecting businessperson.
Depending on the form of your business, the necessary steps will vary. Some of these steps include: Properly voting to close your business, dissolving your business with the government by filing the appropriate paperwork with the Secretary of State, cancelling any licences, fictitious names or permits, notifying creditors, paying taxes and debts.
Failing to properly close a business can lead to excessive taxes, personal obligations, fines and lawsuits. If you are considering winding down your business, and dissolving a business entity, you should not hesitate to contact an experienced and competent Business Attorney in Ohio.
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