Most corporations and limited liability companies are dissolved by the owner failing to return the annual registration forms to the Secretary of State’s office after the owner has ceased doing business. If the business owner fails to complete and return annual forms indicating that the business is still operating, the office will dissolve the corporation.
The proper way to dissolve a corporation or limited liability company is to tile a notice of dissolution with the office of the Minnesota Secretary of State. The business will then be allowed a time period to wind up business operations. The notice of dissolution should be sent to all creditors. Upon the liquidation of business assets, payments should be made to creditors and shareholders.
After the liquidation process has been completed, the corporation or limited liability company can file articles of dissolution with the Office of the Minnesota Secretary of State to dissolve the corporation or LLC.