Dissolving Your Company in Maryland
Company Dissolution in Maryland
The Process
To dissolve a company in Maryland first step is to have a meeting of its members (for LLC) or directors/shareholders (for corporation) and have a resolution drafted authorizing dissolution. Once such resolution was ratified, the process of dissolution involves the following steps:
1. Obaining Clearances & Consents
Corporations only: Personal Property Return must be submitted to Maryland Department of Assessments and Taxation (Personal Property Division) prior to filing the Articles of Dissolution/Cancellation.
2. Filing Articles of Dissolution
Articles of Dissolution are filed with Maryland State Department of Assessments and Taxation. The processing of dissolution at the Maryland State Department of Assessments and Taxation level takes about 10 weeks, with expedited option available (7 business days).
3. Newspaper Publication
There are no newspaper publication requirements to dissolve a company in Maryland.
4. Updating Other Agencies & Company Documents
Don’t forget to notify the IRS and other state agencies regaring the dissolution. Also, make sure you file a “final” tax return for the company.
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