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If your business entity is ceasing operations or is no longer in business…
Every state has laws related to the dissolving of business entities. Many do not realize that business entities that have been filed have
statutory requirements even when the company isn't actively engaged in business, but as long as a company is filed with a Secretary of State office - even if
it is not in good standing, it is considered to be in existence.
In the event that you wish to stop fees from being incurred and to legally protect yourself, it is prudent that you formally and legally
dissolve (corporations), withdraw (foreign filed entities) or cancel (LLCs) your business entity. If you fail to do so, the state could
continue to assess fees on your business entity, and in many cases, the principals of the entity could be personally responsible for
fees or taxes – or held liable for unforeseen actions against the company.
Legally ending your entity protects you from these kinds of events.
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Bottom line… if your business has ceased business, this is the best and most inexpensive protection you can afford yourself and your
family!
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