Seattle Business Dissolution Attorneys

Helping Washington Business Owners Wind Down Their Operations

Businesses are formed with the intention of being successful and providing a profit for their owners. However, sometimes a business is not as successful as expected or owners decide that it is time to retire or go their separate ways. In these situations, business owners may need to dissolve the company and wind up its operations.

Business dissolution can be a complex process that requires careful attention and legal guidance. At Tomlinson Bomsztyk Russ, our Seattle business dissolution lawyers can help you navigate the process and protect your interests. We have extensive experience representing business owners in a variety of industries, and we are skilled at helping them successfully dissolve their companies when it is time.

For personalized guidance in dissolving your business, call our firm at (206) 203-8009 or contact us online.

How to Dissolve a Business in Washington

The process of dissolving a business involves legal and financial procedures. The particular actions you need to take will vary based on the specific type of business you run and the current situation surrounding it.

But generally speaking, the following actions are required when closing a business:

• Determine the procedure for dissolving the firm by reviewing your operating agreement, partnership agreement, or corporate bylaws.
• Hold a meeting with partners or shareholders to discuss the decision to dissolve the business and finalize it.
• File necessary forms with the Washington Secretary of State.
• Notify the IRS and Washington Department of Revenue, and file the final tax return.
• Notify your employees, vendors, and customers that you are closing the business
• Cancel your business licenses and permits
• Pay your creditors and notify them that you are closing the business
• Cancel your business insurance policies
• Distribute the remaining assets to the partners or shareholders
• Prepare a written document that the business has been dissolved and keep a copy of the document

Additional steps may be required based on your situation. Be sure to have an experienced Seattle business dissolution lawyer by your side to help you ensure that you are dissolving your business properly.

What Happens to Debt When a Business Dissolves?

When a business is dissolved, its debts do not disappear. Instead, they are paid off with the company’s assets. If the business does not have enough assets to pay off the debts, the business owners may be responsible for the remaining debt. The specific process for paying off the debts when a business is dissolved will depend on the type of business you have and the circumstances of your situation.

If you are dealing with debt and are working on dissolving your business, reach out to a skilled business dissolution lawyer in Seattle at Tomlinson Bomsztyk Russ at (206) 203-8009. We can help you understand your obligations.

What Are the Tax Considerations of Dissolving a Business?

There are many items to consider involving taxes if you are dissolving your business, and you should speak to a business dissolution lawyer near you in Seattle to understand what you are required to do.

Below are some of the things you may need to consider after business dissolution:

• Final tax return: You must file a final tax return for the business. This will cover all of your earnings and costs up to the date of dissolution.
• Payroll taxes: You must pay any payroll taxes that are due. You may also need to submit a final payroll tax return.
• Business property: You may be required to pay tax on any property sold when the business is dissolved. This is referred to as a capital gain or loss.
• Business assets: You may be required to pay tax on any assets distributed to partners or shareholders when the business is dissolved. This is referred to as a capital gain or loss.
• Employee benefits: You may need to pay tax on any employee benefits that are paid to you when the business is dissolved. This includes any retirement benefits, health insurance, or life insurance.
• Employee stock options: You may need to pay tax on any employee stock options that you exercise when the business is dissolved.
• Business loans: You may need to pay tax on any business loans that you forgive when the business is dissolved.

How a Seattle Business Dissolution Lawyer Can Help

The process of dissolving a business can be extensive. A mistake or the lack of critical information could have long-term consequences for your organization and yourself. Tomlinson Bomsztyk Russ is a local Seattle business dissolution law firm that can guide you through the process and ensure it's done correctly.

At Tomlinson Bomsztyk Russ, we're prepared to collaborate with you to fully understand what you want to achieve and then create a strategy to reach it. We will ensure that you follow all legal guidelines and assist you with all the paperwork that is required. We can also offer you counsel on how to safeguard your interests.

Dissolving a corporation is not easy, and you do not need to handle it on your own. Our Seattle business dissolution attorneys have vast expertise in supporting business owners in Washington in dissolving their organizations, and we are ready to answer your questions. We will do everything necessary to make sure that the process runs smoothly -- do not hesitate to reach out to us today.

Contact Tomlinson Bomsztyk Russ online or call (206) 203-8009 to request a consultation with professional business dissolution attorneys in Seattle. We are backed by years of expertise.