The Rhode Island Articles of Dissolution (Domestic Non Profit Corp) is a legal document that is filed with the Rhode Island Secretary of State when a domestic non-profit corporation in the state wishes to dissolve. This document outlines the process of winding up the corporation’s business, paying out liabilities, and distributing assets to shareholders. It must be signed by all directors and officers of the corporation and must include the name and address of the corporation, the date of dissolution, and the purpose of the dissolution. The document must also include a statement of intent to dissolve the corporation and a statement of the assets and liabilities of the corporation. There are two types of Rhode Island Articles of Dissolution (Domestic Non Profit Corp): Voluntary Dissolution and Court-Ordered Dissolution. Voluntary Dissolution is when the board of directors of the corporation vote to dissolve the corporation and the shareholders approve the dissolution. Court-Ordered Dissolution is when a court orders the dissolution of the corporation due to a breach of the corporation’s Articles of Incorporation or any other reason.
Rhode Island Articles of Dissolution (Domestic Non Profit Corp)
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For federal tax purposes, you'll need to file IRS Form 990 or IRS Form 990-EZ. You must include a completed Schedule N (Liquidation, Termination, Dissolution, or Significant Disposition of Assets), as well as copies of your certificate of dissolution and resolution to wind up and dissolve.
Steps to dissolving a nonprofit File a final form. In this type of dissolution, the IRS mandates that the board of directors of the nonprofit organization complete certain requirements to "dissolve," or shut down, the 501(c)(3).Vote for dissolution.File Form 990.File the paperwork.
Dissolution Clause: The dissolution clause is a statement that explains what said organization will do with its assets in the event that the organization dissolves. This clause is particularly important given that the assets of a nonprofit are not owned by any person or group.
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.
What does dissolution of a business mean? Business dissolution can be caused in many ways, including the failure to file annual reports or pay certain taxes in the state of incorporation, bankruptcy, or voluntary dissolution by business owners.
For federal tax purposes, you'll need to file IRS Form 990 or IRS Form 990-EZ. You must include a completed Schedule N (Liquidation, Termination, Dissolution, or Significant Disposition of Assets), as well as copies of your certificate of dissolution and resolution to wind up and dissolve.
As required by law, a nonprofit organization that is ceasing existence is required to transfer all remaining assets to another tax-exempt organization or to the government. It is unlawful to give any property away to individuals ? including board members, volunteers, staff, or beneficiaries.
Businesses in Rhode Island that are no longer transacting business in this state must formally dissolve. Deciding to Close Your Business.Comply with Employment and Labor Laws.Resolve Financial Obligations.Obtain and Submit Appropriate Documents.Cancel Registrations, Permits, and Licenses.Maintain Records.