Pennsylvania Voluntary Dissolution (Never Transacted Business) Domestic Corporation is a legal process in which a corporation that has never transacted business in Pennsylvania can officially dissolve. This process is initiated by filing a Certificate of Dissolution with the Pennsylvania Department of State, Division of Corporation. The Certificate of Dissolution must be signed by a majority of the corporation's directors or by a corporate officer. There are two types of Pennsylvania Voluntary Dissolution (Never Transacted Business) Domestic Corporations: (1) Domestic Corporation without Shareholders and (2) Domestic Corporation with Shareholders. Domestic Corporation without Shareholders is a corporation that was formed without shareholders and is intended to be dissolved without shareholders. Domestic Corporation with Shareholders is a corporation that was formed with shareholders and is intended to be dissolved with shareholders. The shareholders must vote to approve the dissolution and the Certificate of Dissolution must be signed by the required number of shareholders.
Pennsylvania Voluntary Disolution (Never Transacted Business) Domestic Corporation
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FAQ
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.
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.
Dissolving a Church or Nonprofit in Pennsylvania Take an Official Vote of the Board of Directors/Members.Obtain Tax Certificates.Obtain Attorney General Approval.Obtain Court Approval to Sell Real Estate.Ensure that Money Left Over is Transferred to a Similar Nonprofit.
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.
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.
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.
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.
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.