Setting up an e-commerce store is like an adventure, which can have two possible outcomes. Those of you who are are striving for a new e-commerce business, are only responsible for the effort you invest in your business. It’s true that everyone wants to have a profitable e-commerce business. No one is ready for failure; however, this happens sometimes and we should do something about it. Yes, failures happen sometimes, but there is one important nuance, you should never lose your faith and you should keep trying.
If you have once formed an LLC and experienced a failure, you should know how to dissolve it and start again by forming a business entity. We, at Prestige Auditors, will help you with forming a new, and this time, profitable e-commerce business, because our skilled team will not only concentrate its efforts on the formation process but will also offer you tax exemption, ITIN acquisition, and e-commerce store audits. Now, let’s get down to business and see how you should dissolve your LLC.
We have seen a couple of sellers who thought that an LLC will be automatically closed and dissolved. However, stopping your business is not the same as dissolving it, because otherwise, you will have to conduct all the standard procedures that are being done when the business is truly active, such as paying annual fees, taxes, filing annual reports, and so on. So, gather all the LLC members, and vote for dissolution; once the vote is done, you are able to move on to the next step.
Logically, dissolving an LLC requires informing other figures about the dissolution. These steps include informing of your company’s closure to authorities such as licensing and taxing bodies and so on. If you fail to do so, you will most likely continue paying taxes and fees. Some businesses have seen success and had a wonderful time expanding across other states. If you closed your business in the initial stage, don’t forget about its friends – other states, where your business was once operating. If you don’t get rid of your rights to operate there, you will continue to pay fees, taxes, and so on. Do you want to pay fees after closing down your business? Of course, not!
Ready the Papers
Make sure your Dissolution Papers are ready because, without them, you won’t be able to close your LLC permanently. The state agency which was initially responsible for the formation of your LLC will also help you with its termination, by giving you all the documents connected with your main goal – dissolving your limited liability company.
The last step is the most “moral” one and requires strength to be implemented. Failure of the previous business may seem scary and daunting; however, you shouldn’t let it get to your heart. With the help of our services, you will be able to have the knowledge of the market, understand all the products that are worth selling, identify the target market segments, clearly see their competitors and purchase inventory that sells well, without paying sales tax. Just because you failed once, doesn’t mean you will fail at anything else. Lack of experience can be easily fixed, especially when you have partners like Prestige Auditors!