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Do I need an end date for my business?

Overview of end dates, term periods, and business duration
Written by Katharine Jiang
Updated 9 months ago

When registering a company, the founder has a choice about how long the company should last. The state government will ask: "Should the company be perpetual or have an end date?"

The default setting in most states is perpetual existence. If a company sets an end date, it has to monitor that deadline. If the company forgets to extend the deadline, the process to re-establish the company is quite complicated and costs more money than just filing dissolution papers (see below). The company will have to consult lawyers about the legality of contracts and payments during the period when the company was "dissolved."

Companies always have the power to set dissolution procedures in their bylaws to dissolve the company based on their needs instead of an artificial deadline.

WizForm is not a law firm and does not offer legal advice. The information in this article is based off independent research and should not be construed as legal advice. If you need legal advice, please consult an attorney. 

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