Pennsylvania Amendment - Domestic Business Corporation Election of Nonstock Statutory Close Status

• Category: Pennsylvania Department of State - Domestic Business Corporation
• State: Pennsylvania
• Control #: PA-SKU-0145
• Format: PDF

Description

Amendment - Domestic Business Corporation Election of Nonstock Statutory Close Status The Pennsylvania Amendment — Domestic Business Corporation Election of Nonstick Statutory Close Status is an amendment to the commonwealth of Pennsylvania’s corporation law which allows domestic business corporations to elect nonstick statutory close status. This status provides corporations with the ability to wind down and dissolve in a streamlined manner, while ensuring that all corporate creditors are paid. There are two types of Pennsylvania Amendment — Domestic Business Corporation Election of Nonstick Statutory Close Status: voluntary and involuntary. With a voluntary election, a domestic business corporation can proactively elect nonstick status provided that it has paid all creditors and met certain other requirements. An involuntary election may be made by the court in the event that a corporation fails to pay its corporate creditors. This amendment provides corporations with an efficient way to close business operations, while still providing creditors with an avenue to receive due payments.

The Pennsylvania Amendment — Domestic Business Corporation Election of Nonstick Statutory Close Status is an amendment to the commonwealth of Pennsylvania’s corporation law which allows domestic business corporations to elect nonstick statutory close status. This status provides corporations with the ability to wind down and dissolve in a streamlined manner, while ensuring that all corporate creditors are paid. There are two types of Pennsylvania Amendment — Domestic Business Corporation Election of Nonstick Statutory Close Status: voluntary and involuntary. With a voluntary election, a domestic business corporation can proactively elect nonstick status provided that it has paid all creditors and met certain other requirements. An involuntary election may be made by the court in the event that a corporation fails to pay its corporate creditors. This amendment provides corporations with an efficient way to close business operations, while still providing creditors with an avenue to receive due payments.