The amount of time it takes for dissolution in Ohio depends on the type of entity you’re dissolving. Unincorporated entities will take as little as a few hours to dissolve, while corporations may require substantially longer.
Furthermore, the dissolution process may be delayed if there are unresolved debts, disputes or ongoing administrative actions. However, in most cases, the dissolution of an entity can be completed in six to twelve weeks.
Table of Contents
What is the dissolution process in Ohio?
The dissolution process in Ohio involves several steps. First, the business owner must file a Certificate of Dissolution with the Secretary of State. This document must be signed by at least one officer and authorized by the company’s board of directors.
The certificate must include the name of the company, the date of dissolution, the effective date of dissolution, the address of the company and a statement of purpose, which will typically include the company’s name, the date of the board of director’s resolution authorizing the dissolution and a statement of intent to dissolve the entity.
Once the Certificate of Dissolution is filed with the Secretary of State, the company must then formally notify its creditors. All creditors must be informed via certified mail of the dissolution of the company and all accounts must be settled.
The company must also provide proof of payment and a letter of satisfaction to creditors, must pay all taxes and obligations, and file dissolution tax returns.
Perhaps most importantly, the company must terminate all practical business operations and formally disperse all of its assets. This can often be a lengthy process, requiring the selling of real estate, vehicles and other physical assets, as well as the transfer of intellectual property and other intangible assets.
Finally, any other legal filings, such as the transfer of any certificates of incorporation, must be modified or canceled.
Once these steps have all been completed, the dissolution of the business is officially recognized by the Secretary of State. The company is now considered legally dissolved and no longer considered in good standing.
Do you have to pay for a dissolution?
Yes, you typically have to pay a fee to dissolve a business. Depending on the type of business entity you have formed and the state it is based in, the cost of the filing fee can vary. For example, in the state of California the filing fee to dissolve a corporation is $100 whereas the fee to dissolve a limited liability company is $30.
The cost of dissolving a business will also vary depending on the type of paperwork you file. The filing fee to dissolve a corporation, for example, will be different from the fee needed to withdraw an LLC from another state.
In addition to the filing fee, you may also have to pay any outstanding taxes or fees due for the entity before it can be dissolved. Furthermore, you may need to pay an attorney to prepare and submit the necessary paperwork.
Is a dissolution faster than a divorce?
The answer to this question depends on the state in which the dissolution or divorce action is being filed. Generally speaking, a dissolution is a quicker and simpler process than a divorce. This is because dissolution is an agreement between both parties that they wish to end the marriage, while a divorce is a court’s order to terminate the marriage, which involves more filings, paperwork, and court hearings.
For example, in the state of Ohio, the average timeline for a dissolution is four to six months, while a divorce can take anywhere from seven to twelve months. Additionally, some states require that divorcing couples attend counseling to attempt reconciliation before filing for divorce, further lengthening the process.
Ultimately, the length of time it takes to get a dissolution or divorce depends on the specifics of the individual case, and the state in which it is being filed.
Can you get a dissolution in Ohio without a lawyer?
Yes, you can get a dissolution in Ohio without a lawyer. In Ohio, individuals are allowed to represent themselves without a lawyer in court proceedings, including those for obtaining a dissolution. The procedure for obtaining a dissolution is contained in the Ohio Revised Code Section 3105.
To start the dissolution process without a lawyer, the individual must file a Complaint for Dissolution of Marriage, with the court. The paperwork must be completed and filed with the court and the petitioner must provide notice of the complaint to their spouse, who will then generally have 28 days to respond to the complaint.
After the response is received, a hearing will generally be scheduled, where the court will make a decision on issues such as the division of assets and liabilities and any spousal support. It is important to note that even though the individual can represent themselves without a lawyer, they are still expected to know and follow the rules governing the court.
Therefore, it is recommended to research relevant statutes and/or consult with an attorney to ensure understanding of the process and to protect your rights.
How can I speed up my dissolution of marriage?
If you are looking to speed up the dissolution of marriage process, there are several steps you can take.
First and foremost, try to resolve as much of your divorce process as possible outside of court. This means that, if possible, you and your spouse should attempt to come to an agreement on all aspects of the dissolution without litigation.
This might include reaching an agreement on the division of property and assets, and spousal and child support and custody. Doing so can help avoid court costs and the time-consuming litigation process.
If you and your spouse are unable to come to an agreement on all of the aspects of the divorce, you may find it beneficial to hire an experienced divorce lawyer. Hiring a lawyer can help you understand the legal process, your rights, and what is necessary to complete the divorce quickly and efficiently.
It may also allow your lawyer to help you mediate an agreement outside of court to complete the divorce faster.
In addition, if you and your spouse are able to come to an agreement on your divorce settlement, it is a good idea to try to manage some of the paperwork and filings to complete the process on your own.
This may include filing forms such as the Petition or Summons with the court, as well as financial disclosure forms.
Finally, make sure to notice all court deadlines and abide by the court’s rules. This will help the process go smoother and will help avoid any potential delays or other problems.
By taking these steps, you can help make the dissolution of marriage process easier, quicker, and more cost-effective.
