How to Dissolve a Wisconsin Limited Liability Company
Jeff Storch | 04.10.17
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 4 and 5) 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.
DISCLAIMER: The information provided is for general informational purposes only. This post is not updated to account for changes in the law and should not be considered tax or legal advice. This article is not intended to create an attorney-client relationship. You should consult with legal and/or financial advisors for legal and tax advice tailored to your specific circumstances.