If you no longer want to do business with your LLC, you must formally dissolve it. Failure to do so on time may result in tax bills and fines, as well as legal difficulties.
Simply follow these three procedures to dissolve an LLC in Idaho:
Table of Contents
Observe the Operating Agreement
Close your company’s tax accounts and file articles of dissolution.
Step 1: Comply with the terms of your Idaho LLC Operating Agreement.
The methods for dissolving an LLC are usually defined in the operating agreement. The following are some frequent disintegration steps:
Holding an election among LLC members to dissolve the LLC
Including the dissolution vote in the meeting minutes of the LLC
Choosing the official date of dissolution
Asset distribution in an LLC
Notifying creditors and resolving any commercial debts
If your LLC’s operating agreement does not include any dissolution processes, you should contact the state for further information.
Step 2: Close Your Commercial Tax Accounts
Every current Idaho LLC has many tax accounts that are managed by numerous offices of the Idaho State government. You must first pay off any taxes and/or penalties due to these accounts before you may dissolve your LLC.
Here are some of the most common taxes that your LLC may have to pay:
If you have or have previously had employees in Idaho:
Unemployment Insurance Contribution
Withholding Tax on Employees
If your limited liability company sells or has sold taxable goods or services in Idaho:
Sales and Use Taxes
Closing your tax accounts usually involves simply filing a final return to the appropriate agency. Some accounts, however, necessitate the submission of additional official documentation. If you need assistance in closing your tax accounts, it may be helpful to hire a Certified Public Accountant.
Step 3: File Articles of Dissolution
Articles of Dissolution, known in Idaho as Statement of Dissolution, are the forms that you file to voluntarily dissolve your LLC. Once this document has been filed and processed, your LLC will no longer legally exist.
Idaho requires business owners to submit their Statement of Dissolution by mail, online, or in person.