Reasons to Dissolve, Cancel or Withdraw a New Jersey Business Entity

It’s a fact. Business entities ceasing to do business in New Jersey must take steps to “officially” end the business.

The big question is, do you really have to do it? Why not…., not pay the $50 annual fee and let NJ put your entity in revoked status? Here’s why not:

  1. You want to be officially removed from the tax and public records so no identity thief uses your inactive business for nefarious affairs.
  2. If a Corporation , you don’t want to contend with being subject to the annual corporate minimum tax that accumulates every year.

HERE ARE SOME HELPFUL RELATED LINKS:

Before officially closing your business, you should consult with an attorney and/or accountant to consider tax and legal ramifications of officially closing the business.

(c) 2020 Simoncpa, PC

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