Example Of Corporate Resolution To Dissolve In Chicago
Description
Form popularity
FAQ
A certified copy of a resolution to dissolve a corporation is an important document to maintain when it comes time to dissolve a company. This form is required by the IRS along with Form 966.
If the shareholders unanimously consent to the dissolution in writing, no meeting of the shareholders or shareholder vote is necessary to effectuate the dissolution. Alternatively, an Illinois corporation may be dissolved by a vote of the shareholders at a shareholder meeting.
To comply with corporation formalities, the board of directors should draft and approve the resolution to dissolve. Shareholders then vote on the director-approved resolution. Both actions should be documented and placed in the corporate record book.
Step 1: Get approval of the owners of the corporation or LLC Company owners must first approve the dissolution of a corporation or LLC before the company can begin the process of dissolving the business with the state. With corporations, the shareholders must approve the action.
How to write a corporate resolution Hold a board meeting. Board members typically create corporate resolutions at their board meetings to summarize what they discussed. Include introductory elements. Write a statement of consent. List the resolutions. Conclude with a statement of resolution. Proofread the document.
Shareholders may authorize dissolution by their unanimous written consent. This does not require any action of the board of direc- tors and does not require a shareholders meeting. Shareholder authorization may also be by vote at a shareholders meeting or by less than unanimous consent, in writing, without a meeting.
If the shareholders unanimously consent to the dissolution in writing, no meeting of the shareholders or shareholder vote is necessary to effectuate the dissolution. Alternatively, an Illinois corporation may be dissolved by a vote of the shareholders at a shareholder meeting.
The paperwork processing only takes a few days, but the other aspects of the dissolution process can take several weeks or months. This includes the time it takes to finalize business obligations, settle your debts, comply with state regulations, notify the IRS, and more.
How to Dissolve an LLC Vote to Dissolve the LLC. File Final Tax Returns and Obtain Tax Clearance. File Articles or Certificate of Dissolution. Notify Creditors About Your LLC's Dissolution. Settle Debts and Distribute Remaining Assets. Close All Accounts and Cancel Licenses and Permits. Cancel Registrations in Other States.
