New Jersey Plan of complete liquidation and dissolution
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How to fill out Plan Of Complete Liquidation And Dissolution?
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FAQ
Plan of Dissolution The plan must lay out how the nonprofit will discharge its liabilities and distribute any remaining assets in compliance with its tax-exempt status. You include the plan as part of your certificate of dissolution that you'll file with the Treasury Department's Division of Revenue ("DOR").
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.
Corporations ending business in New Jersey can dissolve, cancel, or withdraw online. Go to njportal.com/dor/annualreports and select ?Close a Business.? Businesses that choose to complete a paper application must submit all of the following: Appropriate dissolution/withdrawal/cancellation form.
Yes. You will need clearance from the Division of Taxation to dissolve a New Jersey corporation.
Assets are liquidated and distributed, or if the company is to continue, procedures that reflect the changes in the makeup of members are specified. Dissolution concludes with the termination of the company's legal existence and filing of a certificate of dissolution with the NJ Secretary of State.
If the leadership of the organization decides that winding down is the best option, the organization will need a ?plan of dissolution.? A plan of dissolution is essentially a written description of how the nonprofit intends to distribute its remaining assets and address its remaining liabilities.
You can also dissolve a New Jersey corporation by submitting the appropriate Certificate of Dissolution form (in duplicate) to the New Jersey Division of Revenue. If you submit a paper Certificate of Dissolution form, you need to include an Estimated Summary Tax Return and an Application for Tax Clearance Certificate.
The ?dissolution? clause in a nonprofit organization's Articles of Incorporation is one of the key provisions required to qualify for 501(c)(3) status. This language must require that the organization's assets remain dedicated to 501(c)(3) exempt purposes in the event it dissolves.
