Advice: What to Include in Your Dissolution Plan

Include in Your Dissolution Plan

  • A timeline for what will happen when, and up through the formal dissolution and final tax return.
  • Tasks that must be performed during the process. Don’t forget to include an independent valuation of the business.
  • Payments that need to be made and who must make them, includes attorneys, state and federal taxing agencies.
  • Documents that need to be filed, including final tax return, state entity documents.
  • Plans for notification of all stakeholders, including employees, contractors, vendors, and, of course, customers. As is the case with all major business changes, it’s important to preserve the goodwill of the business (even if it’s being dissolved). Add these decisions to your dissolution plan.