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Plan of Liquidation and Dissolution of a Corporation

Mississippi Plan of Liquidation and Dissolution of a Corporation

Category:

Corporations - Public - Liquidation and Dissolution

State:

Multi-State

Control #:

US-0076BG

Format:

Instant download

Description

Dissolution is the act of bringing to an end. It is the act of rendering a legal proceeding null, or changing its character. Under corporate law, it is the last stage of liquidation. Dissolution is the process by which a company is brought to an end.

Liquidation is the selling of the assets of a business, paying bills and dividing the remainder among shareholders, partners or other investors. A business need not be insolvent to liquidate. Upon liquidation of certain business, such as a bank, a bond may be required to be posted to assure the proper distribution of assets to creditors.

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How to fill out Plan Of Liquidation And Dissolution Of A Corporation?

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FAQ

Dissolution. The first step to closing up shop is receiving shareholder approval to formally close the corporation. The board of directors should adopt a resolution to dissolve the corporation and receive approval for the action.

The filing fee for the dissolution of a Mississippi LLC is $50. Corporations, on the other hand, need to pay $25 for the Articles of Dissolution. If the filing is completed online the state charges an additional processing fee.

The first is voluntary dissolution, which is an elective decision to dissolve the entity. A second is involuntary dissolution, which occurs upon the happening of statute-specific events such as a failure to pay taxes. Last, a corporation may be dissolved judicially, either by shareholder or creditor lawsuit.

A plan of dissolution is a written description of how an entity intends to dissolve, or officially and formally close the business. A plan of dissolution will include a description of how any remaining assets and liabilities will be distributed.

Steps to dissolving a corporation or obtaining a corporate dissolution Call a board meeting. ... File a certificate of dissolution with the Secretary of State. ... Notify the Internal Revenue Service (IRS) ... Close accounts and credit lines, cancel licenses, etc.

Dissolve a Corporation in Mississippi Get Directors and Shareholders to Vote for Corporate Dissolution. ... Notify the IRS and Get Tax Clearance to Dissolve Your Corporation. ... Close Corporate Accounts and Cancel Business Licenses. ... File a Certificate of Dissolution with the Mississippi Secretary of State.

After your corporation authorizes dissolution, you can dissolve your Mississippi corporation by filing the articles of dissolution with the Mississippi Secretary of State (SOS). The Mississippi Secretary of State has made filings faster and easier by doing everything online.

The process to dissolve your corporation in California is relatively straightforward. However, if you qualify for one of the special dissolution procedures, you might need additional help navigating the process.

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