Considerations before dissolving your Florida business

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If you want to file a dissolution for your Florida business, you can easily find an online form to fill out through a state website. However, once you submit the request, you cannot change or cancel it. Making a mistake can cause you some legal headaches.

Therefore, it is better to speak to an attorney about the specifics of your situation before taking the step to close your company. Take into account the following considerations.

Do you have other options?

If the only reason why you are thinking of closing your doors is lack of profits, you may have other options available to you to keep your business running, whether under your ownership or somebody else's. Talking to an attorney can help you know what your options are and ensure you make the right choice.

Are there any disputes between you and your business partner?

Sometimes, the dissolution of a business can lead to disputes between partners, even with ones who previously got along just fine. You two may have concerns over the following:

  • Debts and assets
  • Access to information
  • Inheritance of valuable contracts
  • Valuation of the company

You need to work out these issues, through negotiation or litigation, before moving forward with the dissolution. The same applies if you face disputes from creditors, suppliers, employees or clients.

Does anyone owe you money?

You already know that you will have to pay back creditors, but you will also need to obtain any debts others owe to you. This is harder to do once your business closes, so the sooner the better. 

Whom do you need to notify?

Dissolving your business entails filing paperwork with lots of entities. It requires notifying the state, the IRS, local tax agencies, vendors, suppliers, stockholders, creditors and licensing departments. With an attorney by your side, you can be sure not to miss anyone to avoid incurring penalties.

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