Closing a Business
How to Close a Business in Virginia
If you’ve just decided to close your business in Virginia, you’re probably accompanied by a wave of questions. In this guide, we’ll take you through everything you need in order to complete the closure process easily.
There are three main steps for closing a business in Virginia; first, you plan out the dissolution, addressing any incomplete processes. Then, you let creditors know about the dissolution, clear outstanding debts, cancel licenses, sell/distribute assets, and file final taxes. Finally, to dissolve the business, you will have to submit the articles of cancellation or dissolution, pay the fees, and you are all done.
We’ll also address a few more things about the process, including filing, the process for foreign LLCs, tax implications, and lawsuits after dissolution.