If you have made the decision to close the doors of your business, you may be unsure of what additional steps need to be taken to fully and officially dissolve your business in the eyes of the state of Nevada. While the process of dissolving a business can be complex, this article aims to help you gain a better understanding of what will be needed of you to complete this process, as well as the ways an experienced business attorney can help. 

What is Business Dissolution

The Business Dissolution process will involve terminating the business’ affairs, including filing of necessary paperwork, asset distribution, and if needed have majority shareholders or partners buy out minority interests. While these are some basic steps of the process, every different business type (LLCs, LLPs, Partnerships, Corporations) will have different requirements.

Winding Down Operations

Oftentimes businesses will have an operating agreement drafted while forming their business. This document is very important during the dissolution process, as it will outline the procedures to be followed if the business is ending. This document can also provide consensus among partners or members, which is essential. 

Filing Documents

The state of Nevada requires certain dissolution documents to be filed for your business to be dissolved in the eyes of the state.These documents will inform the state that your business is no longer operating, thus terminating your business and finalizing your tax returns. Remember that in certain cases directors and officers of a business may be held liable for unpaid taxes, even after the business has been dissolved. 

Once these documents are filed, you can focus on resolving additional financial obligations such as office space or any personal assets used as collateral for business debts. Keep in mind that throughout the paperwork and asset management phase it is essential to keep records and documentation of everything done during this time. An Attorney familiar with business dissolution will be incredibly helpful to understand what exactly is needed from you ensuring that there are no surprises or problems that arise during this process. 

An experienced attorney also understands the emotional and relational aspects of dissolving a business. Tense legal battles are tough on everyone, and while working to dissolve your business, the last thing you need is more stress. Having an attorney on your side can help ensure that there is a mediator for each of the parties to prevent issues or difficulties. 

Raich Business Law Can Help!

Dissolving a business can be complex and challenging. At Raich Law, we’re here to guide you through every step of the process with expertise and understanding. If you’re facing the task of business dissolution, don’t navigate these waters alone. Give us a call at 702-758-4240 for a free consultation, and let’s discuss how we can support you through this significant transition.