Taking a Break or Dissolving Your Business or Nonprofit
- Taking a pause from your business at this time is a legitimate option. When weighing this option, you must consider your finances, debts, insurance, customers, vendors, and employees.
- Before pressing pause, it is recommended that you define the “pause” and set a date to reevaluate your decision.
- Dissolution is achieved at the state level. You must file Articles of Dissolution (or a Certificate of Dissolution, in some states) with the Secretary of State. Once approved, your company is technically dissolved, although this is hardly the end of the line.
- When a partnership dissolves, the individuals involved are no longer partners in a legal sense, but the partnership continues until the business’s debts are settled, the legal existence of the business is terminated, and the remaining assets of the company have been distributed.
- Business accounts must close on the last day of the return on file. For questions on how to dissolve a business in Pennsylvania call the Customer Experience Center at 717-783-8434.