The Pennsylvania Statement of Termination Domestic Corporation (PA-SOC) is a form required by the Pennsylvania Department of State, Division of Corporations, to officially dissolve a domestic (in-state) corporation. It is used to end the life of a corporation and officially terminate the corporation’s legal status. There are three types of Pennsylvania Statements of Termination Domestic Corporation, depending upon the reason for dissolution: Voluntary Dissolution, Involuntary Dissolution, and Merger or Consolidation. The Voluntary Dissolution is used when the shareholders vote to dissolve the corporation. The Involuntary Dissolution is when the corporation is dissolved by the court due to a lawsuit or administrative proceeding. The Merger or Consolidation is when two or more corporations merge or consolidate into a single corporation. The PA-SOC must be filed with the Pennsylvania Department of State in order for the dissolution of the corporation to be official.
Pennsylvania Statement of Termination Domestic Corporation
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How to fill out Pennsylvania Statement Of Termination Domestic Corporation?
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A docketing statement PA is a supplemental form that is used to create a new business entity in the state of Pennsylvania. The docketing statement will be included with the submission for your new business and certificate of organization when you file it with the Pennsylvania Department of State.
How to dissolve a business in 7 steps Step 1: Get approval of the owners of the corporation or LLC.Step 2: File the Certificate of Dissolution with the state.Step 3: File federal, state, and local tax forms.Step 4: Wind up affairs.Step 5: Notify creditors your business is closing.Step 6: Settle creditors' claims.
One of the most common reasons to close your business is because of low cash flow. Accumulating more and more debt is not the way to get through the tough times! If you end up producing defective products or even are facing bankruptcy, you are going to need a business dissolution to protect yourself.
This is accomplished through the filing of a Certificate of Dissolution, which must be signed by at least one member of the partnership and must specify information regarding the distribution of assets and the management of obligations and debts.
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.
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.
You can also close these accounts by filing Form REV-1706 for business or account cancellation. You may either mail this form to the address mentioned on it or fax the form to 717-787-3708.
To dissolve your corporation in Pennsylvania, you provide the completed Articles of Dissolution-Domestic (DSCB: 15-1977/5877) form to the Department of State, Corporation Bureau, by mail or in person. You may fax file if you have a customer deposit account with the Bureau.