How do I close a business entity?

In Arizona, closing a business entity requires a set of steps that must be completed. The first step is to file a Certificate of Dissolution with the Arizona Corporation Commission (ACC). The form is available online and must be filed with the ACC in order to officially dissolve the business entity. Once the form is filed, the business must also notify the Internal Revenue Service and other relevant agencies of the dissolution. The second step is to settle any outstanding debts the company may have. This includes paying contractors, suppliers, and other creditors. Once all of these debts have been settled, the business must inform its employees of the closure and pay them any unpaid wages or other benefits they are owed. The final step is to document the dissolution process. This includes filing appropriate tax forms for the year of dissolution and ensuring that the necessary records are kept for future reference. In Arizona, businesses must also provide the ACC with an annual report even after dissolution. Upon completing these steps, the business entity is officially closed. It is important to make sure that all steps are taken correctly in order to avoid legal issues that may arise from improper dissolution. Additionally, businesses in Arizona that do not properly dissolve may face fines and other penalties from the ACC.

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How do I close a business entity?

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