SimpleClosure is your one-stop solution for shutting down the business. They take care of every document, form, and step needed for a smooth and hassle-free business shutdown.
Here are a few things they help with:
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Initial assessment
- A comprehensive and personalized wind-up plan is created—including subsidiaries, DBA, and prior entity names.
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Dissolution: State of Incorporation
- Preparation of a board resolution, liquidation plan, and shareholder consent.
- Franchise tax preparation and filing.
- Certification of Dissolution/Cancellation filing with the state.
- IRS Form 966 preparation
- Employer Identification Number (EIN) cancellation and closing of business with IRS.
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Foreign filings
- Verification of foreign-qualified states using an extensive Secretary of State search.
- Conduct assessments in foreign jurisdictions to determine if "good standing" is a withdrawal requirement.
- Entity withdrawal from all foreign qualifications
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Contractual obligations
- Preparation of negotiation language and release of claims for vendors.
- Cancellation of registered agents (SimpleClosure reaches out)
- Get pro-rata refund back
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Data management
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HR & Payroll guidance
- Separation agreements for W2 employees and domestic (US) contractors.
- Step-by-step guidance for payroll and unemployment account management.
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Asset distribution
- Investor waterfall calculation—based on SAFEs / Notes and preference stack.
- Circulation of releases of Claims from Investors
- Distribution of funds
- Prepare and share the Closing Statement of Investment (for Investors' tax records)
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Other supplemental services (that may be an extra charge), like:
- Final federal and state tax returns
- D&O Tail Insurance
- Deal Flow and TalentPipe