Dissolving Your Company?
Lewisville Business Lawyer Simplifying the Texas Business Dissolution Processes
Closing down a business can be extremely complex. If you have questions about corporate dissolution, our business lawyers in Lewisville TX can help you streamline an otherwise confusing and stressful process. Our Lewisville attorneys are experienced in dissolving businesses in Texas, and we can explain how to make the transition smoothly while avoiding the ramifications of improper business dissolution.
How Should I Dissolve My Business? Texas Business Dissolution Procedure
Texas has its own dissolution laws that are different from other states. To begin with, you must notify all people and companies who will be impacted by the dissolution of your business. Notify suppliers, service providers, banks, creditors, landlords, employees, customers and anyone else who has a working relationship with your company. After notification, the creditors are likely to act quickly and aggressively, but an attorney can represent you and find ways to stop creditor harassment.
The issue of taxation is important to consider during business dissolution. After notification, all of your taxes must be in order, such as asset taxes, sales taxes and employment-related taxes. These business debts must be paid before paying other creditors, even if the creditor is a friend or family.
After settling your business debts, you must file termination papers with the office of the Texas Secretary of State. Additionally, if your company is a qualified business in other states, you must also file paperwork in those states as well. You must be able to pay all applicable fees involved in the dissolution of your business to the state or states in which you transacted business. Filing the termination papers prevents debt from being incurred. Failure to file papers will lead to penalties and other fees.
Also, make sure that you terminate all licenses, fictitious business names and permits you have with the state or county. Doing so will protect you from incurring extra fees.
Special Rules for Dissolving Corporations and LLCs in Texas
You must make special arrangements if you own a company in which you share ownership with others. If you own a corporation, an LLC or any other sort of partnership, the shareholders or partners must receive notice, approve the dissolution of the group-run business through a vote and confirm it in writing by all those eligible to vote on the matter. It is important to follow your company’s specific procedural requirements when seeking approval for dissolution, as the percentage of votes necessary to approve the measure can vary from business to business.
Lastly, a special process is involved if the sole owner of a business or corporation has died and the business needs to be dissolved.
Texas Business Attorneys for Corporate Dissolution
We have many options if you cannot pay your bills during the business dissolution process. It is helpful to have a business lawyer represent you in the event that creditors harass you with phone calls and lawsuits.
Our Lewisville attorneys are trained to handle the complex nature of dissolving a business and business bankruptcy in Texas. We can save you time, money and a lot of mental stress. If you want us to represent you in this critical point of your professional life, then please call (972) 315-6222 to consult with one of our business lawyers who know how to handle creditors, save you money and help you feel better about your future.
We are a debt relief agency. We help people file for debt relief under the U. S. Bankruptcy Code.