Can I reopen a closed business?

You might decide to reopen a business after dissolution based on opportunities and the experiences you had when the business was open. Reopening the business may require reestablishing the existing information or reforming a new entity under the old name.

What does it mean when a company is administratively dissolved?

Administrative dissolution is the taking away of the rights, powers, and authority of a domestic corporation, LLC, or other statutory business entity by the state administrator overseeing business entities, due to the entity’s failure to comply with certain obligations of the business entity statute.

How long does it take to restore a dissolved company?

The company restoration process can be expected to be approximately 4 months if all runs according to plan. An administrative restoration will be quicker as there is no need to go through the courts.

How do I revive a closed business?

You’ll need to follow the same checklist for restarting as you did when you opened:

1. Register your business name and trademarks.
2. Obtain permits and licenses.
3. Hire an attorney, accountant, and other professionals.
4. File appropriate paperwork with the city, county, and state where you are operating.

Can you reinstate an EIN?

The IRS cannot cancel your EIN. Once an EIN has been assigned to a business entity, it becomes the permanent Federal taxpayer identification number for that entity. Regardless of whether the EIN is ever used to file Federal tax returns, the EIN is never reused or reassigned to another business entity.

What happens when a company gets dissolved?

When a company is dissolved, its liabilities are usually extinguished. If the debt was not secured, the creditor will need to apply to restore the company to the register and bring legal proceedings against the restored company to recover any monies owed to it by the company.

What happens if my business dissolves?

After a company is dissolved, it must liquidate its assets. Liquidation refers to the process of sale or auction of the company’s non-cash assets. Assets used as security for loans must be given to the bank or creditor that extended the loan, or you must pay off the loan before selling such assets.

What does administratively dissolved mean in GA?

What is an “administrative dissolution”? When an entity fails to timely file an annual report, fails to maintain a registered agent, its duration expires or in several other situations, the Secretary of State may administratively dissolve that entity.