How do I terminate my business entity?

Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.

Business entities are usually established to limit liability, keep the business efficient and organize the structure of the entity. It’s fairly easy to establish a business entity in the state of Ohio, and there are essentially three requirements to effectively terminate a business entity’s existence: tell the state, complete unfinished business and tell the IRS.

Limited liability companies are being created by the dozens every day in Ohio. Additionally, many Ohioans own shares in corporations, are partners in partnerships and are engaged in other joint business relationships.

Business entities are typically established to limit personal liability, keep co-owners together for business efficiency and organize the structure and rules for joint activities.

Read more about terminating a business entity in Lee’s article in the Lima News here: How do I terminate my business entity?

Source: LimaOhio.com, “How do I terminate my business entity?,” by Lee R. Schroeder, March 28, 2016

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