What happens to money when you dissolve a corporation?

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.

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South Carolina Application For Reinstatement of Nonprofit Corporation...

South Carolina Application For Reinstatement of Nonprofit Corporation Dissolved By Administrative Action

Name: South Carolina Application For Reinstatement of Nonprofit Corporation Dissolved By Administrative Action
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.57 (307 reviews)

Category:

South Carolina Secretary of State - Non-profit Corporations

State:

South Carolina

Control #:

SC-SKU-0881

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Instant download

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Application For Reinstatement of Nonprofit Corporation Dissolved By Administrative Action The South Carolina Application For Reinstatement of Nonprofit Corporation Dissolved By Administrative Action is a form that is used to reinstate a nonprofit corporation that has been administratively dissolved due to failure to file the annual report or due to failure to pay the annual report fee. This application must be filed with the South Carolina Secretary of State in order to have the dissolution reversed and the nonprofit corporation reinstated. There are two types of South Carolina Application For Reinstatement of Nonprofit Corporation Dissolved By Administrative Action: 1) the standard form for reinstatement of nonprofit corporation dissolved due to failure to file the annual report or due to failure to pay the annual report fee and 2) the expedited form for reinstatement of nonprofit corporation dissolved due to failure to file the annual report or due to failure to pay the annual report fee. The expedited form allows the corporation to be reinstated within one business day.

The South Carolina Application For Reinstatement of Nonprofit Corporation Dissolved By Administrative Action is a form that is used to reinstate a nonprofit corporation that has been administratively dissolved due to failure to file the annual report or due to failure to pay the annual report fee. This application must be filed with the South Carolina Secretary of State in order to have the dissolution reversed and the nonprofit corporation reinstated. There are two types of South Carolina Application For Reinstatement of Nonprofit Corporation Dissolved By Administrative Action: 1) the standard form for reinstatement of nonprofit corporation dissolved due to failure to file the annual report or due to failure to pay the annual report fee and 2) the expedited form for reinstatement of nonprofit corporation dissolved due to failure to file the annual report or due to failure to pay the annual report fee. The expedited form allows the corporation to be reinstated within one business day.

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How to fill out South Carolina Application For Reinstatement Of Nonprofit Corporation Dissolved By Administrative Action?

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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.

To reinstate a South Carolina corporation, file an Application for Reinstatement of a Corporation Dissolved by Administrative Action with the South Carolina Secretary of State (SOS).

To dissolve a South Carolina corporation, file Articles of Dissolution with the South Carolina Secretary of State, Division of Business Filings (SOS). Submit the form in duplicate, with a self-addressed stamped envelope, so the SOS can return a copy to you. You may type or print on SOS forms in black ink.

You may file a reinstatement application online at ecorp.sos.ga.gov. Should you wish to file your reinstatement application by mail or hand-delivery to our office, you must print the reinstatement application form, complete it and mail it in with a check or money order for payment of the fee.

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.

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.

Depending upon the circumstances or the corporate bylaws, voluntary dissolution can be initiated by shareholder action, by action initiated by the board of directors, or where no directors are in place by the incorporators.

The online filing process is usually completed within 24 hours. If the filing is mailed, the Secretary of State's Office will usually complete the process within two to three business days after it is received, though longer filing times may be experienced depending on workload volume.

More info

Procedure for reinstatement To start the reinstatement process, call the Tax Department's Corporate Dissolution Unit at 5184852639. Reinstatement is the action taken that restores an administratively dissolved business entity's rights, powers, and authority.Instant access to fillable Microsoft Word or PDF forms. Minimize the risk of using outdated forms and eliminate rejected fillings. Application For Reinstatement Of A Corporation Dissolved By Administrative Action (Non Profit) {F0118}. Please use the following forms to apply for reinstatement following administrative dissolution for the specific entity type. A Reinstatement or Requalification can be submitted through the Corporations and Charities Filing System "CCFS", except for Foreign Nonprofit Corporations. The company will need to file an application to reinstate and other documentation to correct the grounds for administrative dissolution. How to reinstate a South Carolina corporation, LLC, or nonprofit. Nonprofit corporations also pay a reduced fee for filing online.

South Carolina Application For Reinstatement of Nonprofit Corporation Dissolved By Administrative Action

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