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Three Required Steps to Closing a Business in Nevada

On Behalf of | Aug 5, 2016 | Business Law

Closing a Nevada Business

The state of Nevada requires a certain protocol to be followed in order for businesses to be dissolved. If you have made the decision to shut down your business, you will need to follow these three steps so that you stay compliant with the law. A Las Vegas business attorney can assist you with the process.

Voter Approval

Before you begin the process of dissolving your business, you must get an approval by vote from your shareholders, directors, or managers. The results of the vote should be documented so that you can protect yourself legally if someone tries to overturn the decision.

IRS Forms

The IRS requires certain forms to be filed when you go through the process of dissolving your business. A final quarterly or annual employment tax form should be filled out and submitted. You will also need to report your capital gains and losses and final pension and benefit plans for your employees. Documents pertaining to the disposal of your business property should be filled out and submitted as well. The IRS has a checklist of all the required documents you will need to submit.

Certificate of Dissolution

This certificate needs to be filled out and submitted to the Nevada Secretary of State. You will find the appropriate form for the type of business you have listed on the Nevada Secretary of State website. The date of the dissolution along with the required authorizing signatures should be included with the certificate. A filing fee will also need to be paid when submitting the certificate.

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