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Consultants For Closing Private Limited Company
MS Legal Associates:
If you are not doing any business in the private limited or the business is incurring continuous losses it is better to close such private limited and look for a fresh start. Let's understand the procedure to close a Private Limited Company; At MS Legal Associates we will guide you to properly close your Private limited company at lowest possible cost.
Winding Up a Private Limited Company
Winding up a private limited company is a tedious, but necessary, procedure. Without doing so, you would need to annually meet the requirements of the Registrar of Companies (which means spending money on audit and compliances). The bigger reason you would want to do this, of course, is because it releases the assets and investments made by you.
Necessary Steps to Dissolve Your Company
1. Close the Business As Required by Your Business Articles
2. File with the State
3. Notify the IRS and State and Local Tax Agencies
4. Cancel Business Licenses
5. Notification to Creditors
6. Settle Creditor Claims
7. Collect Money Owed to the Business
8. Inform Other Stakeholders About the Closure
9. Sell and Distribute Your Assets
10. Find the Right Attorney to Help You Dissolve Your Business
What is the difference between Closure, Winding up, Dissolution of Company?
Closure of the company is done voluntarily and is done through the fast track exit scheme.
Winding up of the company may be voluntary or by the order of the Court by appointing an official liquidator to monitor the process of winding up.
Dissolution is initiated by the Court for ending the legal existence of the Company.
Closing Your Business
Businesses don't last forever. The process of closing your business should be managed carefully, whether it involves selling, dissolving, or bankruptcy.
No matter what your exit strategy, there are a numbers of steps you have to complete to legally end your involvement in the business. Almost everything you did to open your business needs to be re-examined to make sure you've ended it properly.
Please contact us for your Closure of Company.