The dissolution of a corporation package contains all forms to dissolve a corporation in Idaho, step by step instructions, addresses, transmittal letters, and other information.
Idaho Dissolution Package to Dissolve Corporation
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Dissolve the Legal Entity (LLC or Corporation) with the State. An LLC or Corporation needs to be officially dissolved. Pay Any Outstanding Bills. You need to satisfy any company debts before closing the business. Cancel Any Business Licenses or Permits. File Your Final Federal and State Tax Returns.
When a corporation is dissolved, it no longer legally exists and, in most cases, its debts disappear as well. State laws usually give additional time beyond the dissolution for creditors to file suits for failure to pay any corporate debts or for the wrongful distribution of corporate assets.
You must file Form 966, Corporate Dissolution or Liquidation, if you adopt a resolution or plan to dissolve the corporation or liquidate any of its stock. You must also file your corporation's final income tax return.
Contact an attorney and an accountant. Secretary of State: File the appropriate form to terminate the business registration. Regional SBDC office locations. When a business closes, state tax permits and sales tax permits need to be cancelled, withholding accounts closed and a final tax return filed.
Definition. The ending of a corporation, either voluntarily by filing a notice of dissolution with the Secretary of State or as ordered by a court after a vote of the shareholders, or involuntarily through government action as a result of failure to pay taxes.
Hold a board of directors meeting and formally move to dissolve your corporation. File the Articles of Dissolution (in duplicate) with the Idaho Secretary of State. Fulfill all tax obligations with the state of Idaho, as well as with the IRS.
Failing to dissolve the corporation allows third parties to continue to sue the corporation as if it is still in operation. A judgment might mean that shareholders use the money received from distributed assets when the corporation closed down to satisfy judgments against the corporation.