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Closing up Shop > Closing up Shop - Pg. 81

Financing a Game Development Venture 81 Dissolving a Business Entity These are some of the steps that may be required to officially dissolve your business: · Vote for dissolution. · Surrender your Certificate of Authority to transact business. · Notify your secretary of state of the dissolution of your business. This may take the form of Articles of Dissolution and/or a Notice of Intent to Dissolve. · Notify your secretary of state that you are discontinuing the use of an assumed or trade name. · File the appropriate forms with the IRS. · Determine whether you will need to file IRS forms at a later date. · Obtain and file a good-standing certificate with your state tax authority. · Publish notice of your business's intent to dissolve. · Contact your commercial insurance agent, notify him/her of the dissolution and determine the best pro- tection against third-party lawsuits that may arise after your dissolve. · Pay debts. · Determine whether state statutes require that you notify creditors or the public of your dissolution. · File an additional notice with your secretary of state stating that all debts have been paid and all assets have been distributed. · Determine the statutory time limits for third parties to bring suit against you and plan accordingly. · Collect your remaining assets, and sell or donate property that you are not going to distribute to owners or creditors. If any assets are collateral for secured debts (where the creditor can take an asset and sell it if the debtor cannot repay the loan), those can't be sold without the permission of the creditor, and should