Liquidation procedure of LLC in Georgia, lessons for entrepreneurs, how to close LLC in Georgia voluntarily
In order to voluntarily carry out the liquidation procedure of an LLC in Georgia, it is necessary to go through several stages. In our article we will tell you what awaits an entrepreneur who has decided to close his LLC in Georgia. Right now, follow the link and find out everything about how to properly liquidate an LLC in Georgia.
Find out how to close an LLC in Georgia⬇️
Sometimes a business ceases to generate income, financing ends, and the owner of the company decides to liquidate the enterprise. If a company has the status of a Limited Liability Company in Georgia, then there is a long way to go to properly close the company.
How to start the liquidation of an LLC in Georgia, what stages a business owner needs to go through, we will tell you in this article.
First steps towards liquidation of LLC in Georgia
What the owner of an LLC in Georgia will have to face when closing a company is spelled out in the Law “On Entrepreneurs”. The first steps are related to the legal decision to liquidate the company.
To go through the voluntary liquidation procedure, you must:
- To hold a meeting of the founders and document the decision on the voluntary liquidation of the LLC.
- Pay off the company's debt.
- Register an application for liquidation of an LLC in the Public Register.
- Launch a desk tax audit.
At this stage, documentation on the financial condition of the company is collected, production is suspended and contracts with employees are terminated.
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Launching the liquidation procedure of an LLC in Georgia
After registration of the application for liquidation of the LLC in the Public Register of Georgia, the procedure for liquidation of the enterprise is launched. The business owner submits income and property tax returns for verification. It takes up to four months in the absence of arrears.
At this stage, the Tax Service checks the accrual and payment of taxes, accounting statements. If there are no violations during the shutdown of production processes, then there are no difficulties at this stage.
The entrepreneur has the right to provide documents in paper form not personally, but through a representative by proxy.
Mandatory procedures for the liquidation of an LLC in Georgia
To complete the liquidation, it is necessary to conduct an inventory of the LLC's property, which is subject to closure. This stage should be carried out carefully and without errors, in order to avoid misunderstandings and delay the entire procedure.
The inventory will help to identify the available resources for debt repayment. After the sale of the property, the funds received are sent to close the debts, and the remaining ones are redistributed among the founders.
The next step will be to close corporate accounts owned by the company. This is given a certain period of time, which cannot be violated. At the same time, it is necessary to submit a report on income and property taxes in the taxpayer's online office, and apply for the closure of the personal account.
Completion of the liquidation procedure of LLC in Georgia
After passing these stages, an entry on the liquidation of the LLC is entered into the Public Register of Georgia. This procedure is available for Limited Liability Companies with a zero balance. In case of bankruptcy or by court decision, the closure of an LLC goes through other stages.
The closure of an LLC in Georgia can be carried out without personal presence, through a proxy. However, this is fraught with a number of inconveniences and some problems that may arise during the liquidation process. To avoid this, it is necessary to consult in advance with lawyers who know Georgian legislation.
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