Dissolving Your LLC in Oklahoma-Reasons and Process
Articles of dissolution Oklahoma
LLC, the Limited Liability Company, gives you a perfect start in the business space. This company decreases your liability, which ultimately decreases the potential loss that your company might have to face in case it fails to become sustainable. Through LegalRegistration.com, you can form an LLC in no time.
It gives a professional ground to deal with State laws and taxes and keeps your personal investments intact. If an LLC goes down, your personal assets will remain safe and secure. Due to some reasons, you may need to dissolve your LLC. Let’s look into some mainstream reasons that will need you to dissolve your LLC.
Why Should You Dissolve?
Oklahoma articles of dissolution directly and precisely dictate how an LLC should be dissolved, and there could be plenty of reasons as to why you should dissolve your LLC, the most common among those have made to the following list:
LLC Going in Loss
Dissolving LLC is another name for shutting down a business. There are many businesses in Oklahoma that remain dormant for a long period of time and make no sales, yet they have to pay taxes and extra fees to the State to be in the business directories of Oklahoma. For more information visit the website LabyrinthTM Fundraising Compliance
Annual Renewal Fee
Every Limited Liability Company in Oklahoma pays a certain amount to the State as a renewal fee for their business. If the company is going through a loss, you will have to pay the annual renewal fee from your personal savings.
This way, your business is not only just facing loss but also costing you extra expenditures, which can make you go bankrupt within no time. To save yourself from this embarrassment, it is better to follow articles of dissolution in Oklahoma to resolve your company.
Extra Expenses and Taxation
When a company is going down in revenue, every expense is an extra expense. The taxation regulations and percentage of taxes vary from State to State. Oklahoma State also does not exempt you from the State taxes. Look into Oklahoma articles of dissolution to save yourself from extra taxes in this State. Please give LegalRegistration.com a phone call if you need more information.
Late Fee Penalties
When your business is going down, you will naturally get late in paying the taxes and other State expenses of your business. You will have to pay the penalty for paying the state fee late. The more you delay, the greater amount of penalty you will have to pay.
Unpaid Taxes and Debts
When a company is going into a loss, it is nearly impossible for that company to pay for the debts and debts. A business reaches a point where it is no longer able to pay its employees, let alone pay the loans. This further leads to piled-up interest amounts. This deems as one of the most common reasons for the termination of an LLC.
Reason Mentioned in the Articles of Organization
If any LLC meets a situation that, according to the articles of the organization, will lead to the termination of the LLC, it will be immediately dissolved. For instance, during the formation of the company, if you mention that LLC will no longer be active or functional if one of the owners dies and will terminate the company. Get more information Sole Proprietor
If the owner actually dies, then according to the previous clause, the company will be bound to terminate. You can get assistance from your legal consultant on this matter.
If you decide, due to any of the above-mentioned reasons, or others, that you want to dissolve your LLC, then you must have the following must-haves in order to smoothly complete the process as quickly as seven days. Let’s see these requirements:
Statement of Termination
The statement of termination is the most important document that you will need to file to the office in Oklahoma that has the detail of the reason leading to the termination of your company. This document entails the following:
- Name of your LLC in Oklahoma
- Date of filing of organization form of your LLC
- Date of filing of termination of the LLC
- Points highlighting that the LLC has followed all the regulations of Oklahoma
Approval of the Owners
For any company, it is essential to have the approval of all the owners if it is to be dissolved. Sometimes, there might not be a unanimous consensus among the owners regarding the dissolution of the LLC. For additional information What services do we provide?
In this case, the owners who do not want their company to dissolve can take the right of ownership from other owners by paying off the amount equal to the shares of the other owners.
In other words, the remaining owner will buy the shares of the rest of the owners. He will need to submit a new document that will clearly show the new ownership and transfer of rights with signatures from all the owners.
When you file your termination claim or the statement of termination to the Oklahoma office, it is important that the document has the right credentials and mailing address. It is because the final certification might be sent to the given address if the candidates fail to show up at the office.
The process of the resolution of your company can take longer if you do not provide the relevant documents on time. Make sure that you have all the relevant documents related to that LLC that you got after filing the organization of the LLC till the time of submission of the termination statement.
Therefore, it is important to keep all the documents safe; otherwise, you might have to spend extra time and money to get the new documents. For additional information Category
Now that we have looked into the reasons and important considerations regarding the termination process, it is time to see how it happens.
You will go by the following steps to proceed with the Oklahoma dissolution of LLC:
- File a form that is specific for every State. In Oklahoma, you will fill out this official form to start the resolving process of your company.
- There is a determined amount that your business will have to pay to get financial Clearance from the State.
- Complete the documentation process and go to the state office for business affairs. They will guide you regarding the exact procedure. The members will make sure you abide by the Oklahoma article of dissolution to resolve your LLC.