Helping You Dissolve A Business In Texas
The way you end your business is just as important as how you start it. The decisions you make can impact your financial future and legacy. There are many reasons why someone may dissolve a business, including completion of their goals, bankruptcy, death, disagreements and retirement.
No matter what your reason is for dissolving a business, working with an experienced business law attorney can help save you valuable time and money. At Huckaby Hicks PLLC, we assist clients in Buda and throughout the Austin metro area with the complicated process of closing a business.
Do You Need A Lawyer When Closing A Business In Texas?
Whether your business is large or small, working with an attorney when closing your business can help you avoid problems later on. Aside from the filing and dissolution processes, you may also have to worry about other legal issues, such as settlements of debts and obligations, contract fulfillment and disputes with partners. Dissolving your business the right way can determine your financial future. With so much on the line, your best option is to work with an experienced business dissolution lawyer throughout the process.
How Long Does It Take To Dissolve A Business In Texas?
While you may want to close your business as quickly as possible so you can move forward, the timing depends on your organization and your wind-up process. The wind-up process includes procedures that allow you to cease conducting business, sell property, distribute assets, and discharge obligations and liabilities. After you complete this process, the request for a Certificate of Account Status can take four to six weeks to process, and the Certificate of Termination usually takes three to five days.
How Much Does It Cost To Close A Business In Texas?
The official filing fee for dissolving a business in Texas is $40. However, you may have other costs, including legal fees, taxes and outstanding business debts.
How Do You Dissolve A Business In Texas?
Before you can start the dissolution process, you must first obtain approval, if applicable, from other business members and consult the organization documents for any dissolution requirements. Once you have approval, you can start the wind-up process to cease business operations, settle debts, notify creditors, and sell and distribute assets.
You must then obtain a Certificate of Account Status for Dissolution from the Texas Comptroller of Public Accounts, verifying that your organization has paid all business taxes. The final step is to file a Certificate of Termination with the Secretary of State.
Let’s Discuss Your Next Steps
Dissolving a business in Texas can be a complicated process full of confusing paperwork and endless steps to ensure that the dissolution is properly initiated and completed. Our experienced business law attorneys at Huckaby Hicks PLLC will help you with every step of the process. Contact us to schedule a consultation at our Buda office by calling 737-309-2231 or completing our online contact form.