Whether you've been in operation for decades and you're ready to close up shop or your good idea that never picked up steam is ready to meet its untimely demise, all limited liabilities companies in New York State must follow some simple guidelines in order to officially dissolve and close out a business. Shutting down an LLC in New York is known as dissolution. Prior to officially dissolving the business, the owners will engage in the process of "winding up," which involves some of the requirements typically laid out in the LLC's operating agreement, like paying off debts and distributing assets.
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