Corporations Dissolution Law & Legal Definition
Dissolution is the termination of a corporation, either
1. voluntarily by resolution, paying debts, distributing assets and filing dissolution documents with the Secretary of State; or
2. by state suspension for not paying corporate taxes or some other action of the government.
There are six primary steps involved when dissolving a company. They are:
i. Corporate action to approve the dissolution
ii. Filing articles of dissolution with the state
iii. Filing all necessary federal, state, and local tax forms
iv. Statutory notification to creditors
v. Settling creditors' claims
vi. Distribution of remaining business assets
Relevant legal forms include:
a. For-Profit Corporations Articles of Dissolution
b. Letter - Dissolution of Corporation
c. Dissolution of Lien -- Corporation
d. Dissolution (Dissolve) Package for Corporation
Additional Corporations Dissolution Resources
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