Legal insights for businesses
Steps to dissolve a Wisconsin limited liability company (LLC) include:
- Filing signed Articles of Dissolution, along with the state filing fee (currently $20), with Wisconsin Department of Financial Institutions.
- Closing out any bank accounts, etc. and distributing the proceeds to the members (after paying any final amounts owed by the LLC).
- If the LLC has any other assets, either selling them and distribute the proceeds to the members or distributing the assets directly to the members.
- Giving written notice to any remaining known creditors.
- Publishing a Notice to Unknown Creditors.
- File a final federal and state tax return. (This may not be needed if the LLC is a single member LLC taxed as a disregarded entity.)
The notice to creditors (items D and E) are not required, but are strongly recommended to shorten the time frame for which someone can bring a claim against the LLC.
The above all assumes the dissolution has been property approved by the members and/or managers, as set forth in Wisconsin’s LLC statutes and any requirements in the LLC’s operating agreement.