North Carolina Plan of Liquidation
Description
How to fill out Plan Of Liquidation?
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FAQ
There is a $30 fee ($32 if you file online) to file articles to dissolve a corporation or LLC in North Carolina. You can have a document processed the same day it is received if you pay a $200 expedite fee. For an additional $100, processing can be completed within 24 hours (excluding weekends/holidays).
If the name was ever registered with the state it will be in the entity database. The company will typically be determined to be dissolved or inactive. If it's dissolved you can more than likely use the name, but if the business is inactive the state may not let you use the name.
When administrative dissolution occurs, a business can still operate, have bank accounts, and accept payments. However, a creditor cannot go after any possible assets of that entity. If the suspended or defunct entity receives payment from clients, the checks must go into a corporate bank account.
In its most basic form, the corporation needs to vote to dissolve and then file the proper documents with the North Carolina Secretary of State's office. The process is slightly different if you have issued shares or have not issued shares, and if you have a board of directors or not.
Online filings are processed in 3-5 business days. Documents for LLC or corporation dissolution are processed by the North Carolina SOS in seven to ten business days when mailed. Same day expedited service costs an additional $200. 24 hour expedited service costs an additional $100.
A plan of dissolution, which specifies how the nonprofit corporation's remaining assets shall be distributed, must be attached to the Articles of Dissolution.
What happens if my company is administratively dissolved? You may lose some of the benefits of being incorporated. For example, if your company is not reinstated within 5 years, you may lose the right to use the same name.
Once an entity is administratively dissolved, it may apply to the Secretary of State for reinstatement (or requalification, in the case of foreign entities). The entities must submit an application and correct all reasons that led to the dissolution or else prove to the Secretary that the grounds do not exist.