My US-based LLC is inactive, and I’m a non-resident owner. What’s the process to dissolve the company legally and avoid future liabilities?

Answer by: abdullah-al-naim
4 weeks ago
My US-based LLC is inactive, and I’m a non-resident owner. What’s the process to dissolve the company legally and avoid future liabilities?
Closing a U.S. company as a non-resident involves several legal and administrative steps to ensure compliance with federal and state regulations. Here’s how you can properly dissolve your business:
Steps to Close a U.S. Company:
1. **File Articles of Dissolution**:
– Submit the required **Articles of Dissolution** to the state where your company is registered. This formally notifies the state of your intent to dissolve the business.
2. **Settle Debts and Taxes**:
– Pay off any outstanding business debts, including vendor payments and loans.
– File final state and federal tax returns and settle any unpaid taxes.
3. **Cancel Business Licenses and Close Bank Accounts**:
– Terminate any active business licenses or permits to avoid future fees.
– Close all business bank accounts to finalize the company’s financial obligations.
4. **Notify the IRS to Deactivate Your EIN**:
– Inform the **IRS** to deactivate your Employer Identification Number (EIN). This prevents the issuance of further tax obligations for your business.
5. **Seek Professional Assistance**:
– Closing a business as a non-resident can be complex due to state-specific requirements. Consulting professionals ensures you avoid errors and remain compliant throughout the process.
### Why Compliance is Essential:
Failure to properly dissolve your company can result in penalties, ongoing taxes, and legal liabilities. Following these steps ensures a clean and legally sound closure.
### Need Help?
Closing a U.S. company as a non-resident can be challenging, but **Business Globalizer** simplifies the process, ensuring compliance with state-specific and federal regulations.
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For more insights, explore:
– 6 Steps on How to Close Your US Company
– 7 Signs of Why and When You Should Close Your Company
– A Comprehensive Guide: Liquidation Process of a Company
– The Ultimate Survival Guide: Bankruptcy for Businesses
With **Business Globalizer**, you can close your U.S. company efficiently and ensure all legal, financial, and regulatory requirements are met.