What happens to money when you dissolve a corporation?

Liquidation of Assets After a company is dissolved, it must liquidate its assets. Liquidation refers to the process of sale or auction of the company's non-cash assets. Note that only those assets your company owns can be liquidated. Thus, you can't liquidate assets that are used as collateral for loans.

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Iowa Resolution to Adopt Fictitious Name [490.401]

Iowa Resolution to Adopt Fictitious Name [490.401]

Name: Iowa Resolution to Adopt Fictitious Name [490.401]
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.84 (457 reviews)

Category:

Iowa Secretary of State - Business Organizations - Profit Corporations - Domestic

State:

Iowa

Control #:

IA-SKU-0418

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Resolution to Adopt Fictitious Name [490.401] The Iowa Resolution to Adopt Fictitious Name [490.401] is a document that allows a business to operate under a different or assumed name in the state of Iowa. The resolution must be filed with the Iowa Secretary of State and must include the type of business, the assumed name, the county in which the business is located, the beginning and ending date of the assumed name, and the name and address of each individual or corporation that has an ownership interest in the business. There are two different types of resolutions; a General Resolution and a Statement of Authority. The General Resolution must be adopted by the directors or members of the business and the Statement of Authority must be adopted by the officers of the business. Once the resolution is filed with the Iowa Secretary of State, the assumed name can be used in any and all business activities.

The Iowa Resolution to Adopt Fictitious Name [490.401] is a document that allows a business to operate under a different or assumed name in the state of Iowa. The resolution must be filed with the Iowa Secretary of State and must include the type of business, the assumed name, the county in which the business is located, the beginning and ending date of the assumed name, and the name and address of each individual or corporation that has an ownership interest in the business. There are two different types of resolutions; a General Resolution and a Statement of Authority. The General Resolution must be adopted by the directors or members of the business and the Statement of Authority must be adopted by the officers of the business. Once the resolution is filed with the Iowa Secretary of State, the assumed name can be used in any and all business activities.

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Iowa Fictitious Name Resolution Registration of a fictitious name is required for most entities that plan to use an assumed name. Sole-proprietorships and general partnerships that use an alternate name are required to file with the county recorder.

Liquidation of Assets After a company is dissolved, it must liquidate its assets. Liquidation refers to the process of sale or auction of the company's non-cash assets. Note that only those assets your company owns can be liquidated. Thus, you can't liquidate assets that are used as collateral for loans.

Shareholders must authorize the liquidation and dissolution of the corporation by special resolution. If there is more than one class or group of shareholders, each class or group must pass a special resolution to authorize the dissolution even if these shareholders are not otherwise entitled to vote.

Dissolving a corporation successfully takes several key steps. Such requirements may vary across the fifty states. Generally, it is recommended that business owners get legal assistance to file the necessary documents with the proper state agencies.

How do you dissolve an Iowa Corporation? To dissolve your Iowa corporation, file Articles of Dissolution with the Secretary of State (SOS). There is no SOS dissolution form. Draft your Articles of Dissolution and submit the document and filing fee to the Iowa Secretary of State, Business Services Division (SOS).

Iowa corporate bylaws define the internal rules of a corporate business entity and are adopted by the board of directors after articles of incorporation have been filed with the Secretary of State. The bylaws must be drafted into a legal document by the directors and kept at the executive office.

While there is no legal requirement that a corporation must dissolve if it's no longer doing business, there are good reasons to do so. A small business that remains incorporated, even if it is inactive, must continue to file state and federal income taxes, even if it did no business during the year and had no income.

More info

30 Chapter 490 has eliminated the concept of "assumed names. " Nonetheless, a similar concept of the.401 Corporate name. 1. The fictitious name of a foreign business or nonprofit corporation authorized to transact business in this state because its real name is unavailable. 3. 401 - Corporate name, Iowa Code § 490. See IOWA CODE § 490. The resolution was adopted. Senators Bieda, Booher, Brandenburg, Hansen, Hildenbrand, Jones, Kowall and Proos were named co-sponsors of the.

Iowa Resolution to Adopt Fictitious Name [490.401]

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