Formally dissolving your company is the final step in its lifecycle. While our Dissolution Service handles the legal filing with the state, it's also important to understand what happens to your Dappr account and your business data during and after this process.
This guide explains the steps you'll need to take to wind down your company's finances in Dappr and what to expect regarding account access after the dissolution is complete.
During the dissolution process
Once you place an order for Dappr's Dissolution service, our team will begin preparing the necessary paperwork. However, before we can submit the final filing to the state, there are several critical "wind-down" tasks that the company's legal representative must complete.
You will receive a checklist of these tasks in your to-do list on the Dappr dashboard. These typically include:
Emptying Your Dappr Financial Account: All funds must be transferred out of your Dappr Financial Account to ensure a zero balance.
Emptying Your Dappr Sales Balance: Similarly, any remaining funds in your Dappr Sales balance from customer payments must be paid out.
If your dissolution order includes a Dissolution Compliance Review, our team will also conduct a thorough review of your company's accounting and business records to identify any outstanding compliance issues that need to be resolved before closure. Any necessary actions will be added as tasks to your to-do list.
Important: Dappr will not file the final dissolution paperwork with the state authorities until all of these essential wind-down tasks have been completed.
After your business is dissolved
Once the state confirms that your company has been formally dissolved, your Dappr account will transition into a read-only state to ensure you have long-term access to your historical records for tax and legal purposes.
Dappr Financial Account
Your Dappr Financial Account will be suspended and eventually closed.
Suspension Period: For three months following the final transaction, the account will be suspended. During this time, it can still receive transaction reversals (such as a refund for a prior card purchase), but you will not be able to send or receive new payments via ACH or wire.
Account Closure: After the three-month suspension period, the account will be permanently closed.
Read-only access
Even after your subscription expires and the business is dissolved, you will retain access to your Dappr account with read-only permissions. This means you can view, but not edit, your historical data across:
Dappr Accounting
Dappr Sales
Business Records
This ensures you can always access your past financial statements, invoices, and corporate documents.
Data retention and deletion
Your documents and business records will remain securely stored in your Dappr account until the legal representative submits a formal request for data deletion.
Please note that due to legal and regulatory requirements, certain financial data, particularly information related to payment processing and financial accounts, cannot be deleted until five years after the company's final transaction.This is to ensure compliance with financial recordkeeping laws. Dappr's financial service partners may retain data for longer periods of time, even after the data has been deleted from Dappr's systems.