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Necessary steps to dissolving business operations in Texas

Dissolving a business or company is more complicated than closing the doors and walking away. Many steps must be followed in order to wrap up business obligations. A lawyer can help.
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    December 22, 2013 /24-7PressRelease/ -- Necessary steps to dissolving business operations in Texas

Owning and operating a business in Texas can be very rewarding and overwhelming at the same time. The exhilaration of a new idea blossoming into a successful company is often balanced with long hours and headaches that come from juggling a wide range of responsibilities.

No matter how successful a company, partnership or business venture is, most do not last forever. Whether due to retirement, economic changes, corporate divorce or by mutual agreement, all businesses come to an end at some point. It is important to understand that closing up shop is much more than locking the doors and strolling off into the sunset. Dissolving a business entity can be just as complicated as starting a new one.

Steps for dissolving a Texas business

Terminating a Texas entity involves a number of important steps. Once you have made the decision to close your business, or the decision has been made for you, look to your formation documents for guidance. No matter what type of business entity you initially created, the terms of your documents will often outline what steps you need to take. Additionally, following are some of the obligations that must be resolved before you can walk away:
-State requirements: Texas requires a number of filings with various state departments. The type of entity you are terminating will determine which forms must be executed by owners, officers or directors, and filed with the state. For example, each for-profit entity -- including limited partnerships and limited liability companies -- must file a Certificate of Account Status for Dissolution/Termination along with a Certificate of Termination; nonprofit corporations are required to file only the later. Of course, a fee is required for each filing.

-Taxes: Upon dissolution, your business is still responsible for taxes payable for the current and prior years. Notice of your proposed dissolution must also be provided to state, local and federal taxing agencies. Due dates for paying taxes may also change because of the dissolution, and certain federal forms require extra checkmarks indicating they are the final filings for your entity.

-Creditors: Business creditors require formal notification that you are terminating your business and you must settle any remaining debts, one way or another.

-Accounts, licenses and permits: It is important to cancel or withdraw any licenses, permits and registered names or trade names your business may have in place. Close all business accounts and cancel business credit cards to forestall ongoing expenses.

The above are only a few obligations you must attend to upon dissolving a Texas business. You may have additional ongoing obligations to employees and governmental authorities until the termination is completely wrapped up.

In order to make sure you comply with all state and federal requirements, consult an experienced business law attorney. A lawyer knowledgeable about Texas laws can help you wind up your legal obligations.

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