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How to end your business in Kentucky

On Behalf of | Sep 6, 2019 | Firm News

Sometimes dreams come to an end. You may have dreamt of and enjoyed becoming your own boss and running your own business. Running a business is hard work and you may wish to move on to the next chapter of your life.

Moving on is okay, but you must remember that your business is a legal entity and you must conclude your business in the eyes of the law.

Articles of dissolution

Business owners wishing to close their business must draft an articles of dissolution document. This document is essentially a declaration that you no longer wish for your business to operate. To complete this document, you must gather:

  • The name of your company.
  • The date of the dissolution authorization for your company.
  • Any shareholder voting results pertaining to the dissolution.

You will need to create four drafts of the articles of dissolution: the original and three copies. Once you file the paperwork to the Secretary of State’s office, your business’ dissolution becomes effective on the listed date.

What comes next?

Having your business dissolved means that you can no longer conduct business, but you are still free to collect and liquidate assets, distribute property to shareholders and disposing of remaining any company-related properties.

However, having your company dissolved does not prevent your company from things like having legal action brought against it or from its taxes.

Ending a business can be a daunting process, and you’ll want to ensure that you have all your bases covered when going through the dissolution process. Don’t let the conclusion of one dream lead to a nightmare. Following the proper procedures for dissolving a company can help ensure this.