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Secretary Of State Makes Terminating LLCs More Convenient

In June 2017, the California Secretary of State announced the debut of Bizfile, an online portal to help businesses file, search, and order business records quickly and conveniently from one webpage.  Over the last year, the Secretary of State's office has expanded Bizfile's capabilities to include online trademarks and servicemarks filings and Limited Liability Company (LLC) formations.  Last week, the office announced that Bizfile may now be used to terminate LLCs.  

An obvious concern is that by making LLC terminations easier, Bizfile will facilitate fraudulent or mistaken LLC terminations.  Bizfile requires the user to self-certify that his or her authority:

"By checking this box, I understand it is my responsibility to select the correct entity, and modifying the record of an incorrect entity may result in civil or criminal liability. I confirm that I have reviewed the Entity Detail information and I have the authority to modify the above entity record."

However, this acknowledgement is unlikely to deter the malign or the mistaken.

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About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm
Partner

Keith Paul Bishop is a partner in Allen Matkins' Corporate and Securities practice group, and works out of the Orange County office. He represents clients in a wide range of corporate transactions, including public and private securities offerings of debt and equity, mergers and acquisitions, proxy contests and tender offers, corporate governance matters and federal and state securities laws (including the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Act), investment adviser, financial services regulation, and California administrative law. He regularly advises clients...

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