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How to Wind Up a Small Business in Alaska

Posted by Sarah-Kathryn Bryan | Jun 19, 2024 | 0 Comments

Winding up a business in Alaska involves several steps to ensure a smooth and legally compliant process. Here is a general guide on how to wind up a business in Alaska:

Deciding to Dissolve Your Alaska Small Business

As a business owner, you must first make the decision to dissolve the business. This typically involves consulting with other shareholders, partners, or members and obtaining the necessary approvals as per your business's governing documents.

Compliance with Governing Documents

Review your business's governing documents, such as the articles of incorporation for corporations or the operating agreement for LLCs. These documents usually outline the specific steps required for dissolution and any requirements for shareholder or member voting.

File Dissolution Documents

Prepare and file the appropriate dissolution documents with the Alaska Division of Corporations, Business, and Professional Licensing. For corporations, you will need to file Articles of Dissolution, while LLCs will need to file a Certificate of Dissolution. These documents can be obtained from the State of Alaska's official website or by contacting the Division directly.

Obtaining Tax Clearance from the Alaska Department of Revenue

Obtain tax clearance from the Alaska Department of Revenue. This involves ensuring all outstanding taxes, fees, and returns are settled. Contact the Department of Revenue to obtain the necessary forms and instructions for tax clearance.

Notify Creditors and Settle Debts

Notify your business's creditors of the impending dissolution. Settle any outstanding debts, including loans, accounts payable, and contractual obligations. Ensure that you follow proper procedures for creditor notification and debt settlement to protect yourself from potential liabilities.

Asset Distribution 

Determine how to distribute the remaining assets of the business. This may involve selling assets, paying off remaining debts, and distributing any remaining proceeds to shareholders, partners, or members, as outlined in your governing documents.

Cancel Permits and Licenses

Cancel any permits, licenses, or registrations your business holds with state and local agencies. This includes canceling your business's Alaska Business License, as well as any industry-specific licenses or permits.

Inform Employees and Close Payroll Accounts

Notify your employees of the business's closure and provide any necessary information regarding final paychecks, benefits, or other employment-related matters. Close your business's payroll accounts and fulfill any payroll-related obligations.

Final Filings and Documentation

Complete any final filings required by the Division of Corporations, Business, and Professional Licensing, including dissolution documents and any required reports. Keep copies of all dissolution-related documents and records for your records.

Commercial Law Attorneys in Alaska

Please note that this is a general guide, and the specific steps and requirements for winding up a business in Alaska may vary depending on your business structure and individual circumstances. It is crucial to consult with professionals and relevant government agencies to ensure compliance with all applicable laws and regulations.  To receive Shortell Law LLC's guidance as you dissolve your small business, call (907)272-8181 today.

About the Author

Sarah-Kathryn Bryan

Sarah Kathryn Bryan is an associate attorney at Shortell Law LLC. Ms. Bryan handles cases in family law, business, employment, estate planning and general civil litigation. To work with Ms. Bryan, please call Shortell Law LLC at (907)272-8181.

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