Articles of Dissolution
An advantage of formal business dissolution is that when you give proper notice to creditors and then allow a period of time to pass, there is no risk that the members will be responsible for company debts.
Generally, to formally dissolve an LLC, you file articles of dissolution and pay a fee to the secretary of state, although procedures vary by state. At the same time, you give notice to your creditors and business partners that your business is closing.
After LLC dissolution, the LLC can no longer conduct business, but in many states it can continue for a few limited purposes to wind up its affairs.