How do you dissolve a nonprofit in Virginia?

If your nonprofit has members, you'll need a proposal to dissolve. If your nonprofit doesn't have members, you'll need a resolution to dissolve. In either case, you'll also likely need a plan of distribution that indicates how the nonprofit's remaining assets will be distributed after all creditors have been paid.

What is a nonstock corporation in Virginia?

Unlike a stock corporation that issues shares of stock to investors who then become "owners" and are entitled to share in the corporation's profits, a nonstock corporation does not have any shareholders or "owners."

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Virginia Articles Of Dissolution-Nonstock Corporation

Virginia Articles Of Dissolution-Nonstock Corporation

Name: Virginia Articles Of Dissolution-Nonstock Corporation
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.82 (356 reviews)

Category:

Virginia Secretary of State - Corporation

State:

Virginia

Control #:

VA-SCC-904

Format:

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Articles Of Dissolution-Nonstock Corporation Virginia Articles Of Dissolution-Nonstock Corporation is a document used to officially terminate a nonstick corporation in the state of Virginia. A nonstick corporation is a type of organization that is not organized for the purpose of making a profit, but instead for purposes such as promoting a social cause or providing a service. The Articles of Dissolution must be filed with the Virginia State Corporation Commission in order to legally dissolve the nonstick corporation. The different types of Virginia Articles of Dissolution-Nonstock Corporation include: • Voluntary Dissolution: This type of dissolution is initiated by the members of the corporation with a majority vote. • Involuntary Dissolution: This type of dissolution is initiated by the Virginia State Corporation Commission due to the nonstick corporation not meeting the requirements of its Articles of Incorporation or failing to pay taxes or fees. • Administrator Dissolution: This type of dissolution is initiated by the Virginia State Corporation Commission when there are no members of the nonstick corporation who are able to act on behalf of the organization.

Virginia Articles Of Dissolution-Nonstock Corporation is a document used to officially terminate a nonstick corporation in the state of Virginia. A nonstick corporation is a type of organization that is not organized for the purpose of making a profit, but instead for purposes such as promoting a social cause or providing a service. The Articles of Dissolution must be filed with the Virginia State Corporation Commission in order to legally dissolve the nonstick corporation. The different types of Virginia Articles of Dissolution-Nonstock Corporation include: • Voluntary Dissolution: This type of dissolution is initiated by the members of the corporation with a majority vote. • Involuntary Dissolution: This type of dissolution is initiated by the Virginia State Corporation Commission due to the nonstick corporation not meeting the requirements of its Articles of Incorporation or failing to pay taxes or fees. • Administrator Dissolution: This type of dissolution is initiated by the Virginia State Corporation Commission when there are no members of the nonstick corporation who are able to act on behalf of the organization.

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Virginia Nonprofit Board Member Requirements The organization structure of your nonprofit in Virginia MUST include at least 3 directors not related to each other.

Visit to file articles of dissolution and/or termination of a Virginia Stock Corporation in real time. Questions? P.O. Box 1197 Richmond, VA 23219 Richmond, VA 23218-1197 Pay online with a credit card or eCheck. No additional processing fees apply for filing online.

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.

If your nonprofit has members, you'll need a proposal to dissolve. If your nonprofit doesn't have members, you'll need a resolution to dissolve. In either case, you'll also likely need a plan of distribution that indicates how the nonprofit's remaining assets will be distributed after all creditors have been paid.

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.

The corporation must have been dissolved voluntarily by filing articles of dissolution, and the dissolution must not have been revoked. The chairman or any vice-chairman of the board of directors, the president, or any other of its officers authorized to act on behalf of the corporation must sign the articles.

Unlike a stock corporation that issues shares of stock to investors who then become "owners" and are entitled to share in the corporation's profits, a nonstock corporation does not have any shareholders or "owners."

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.

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Submit original completed paperwork and payment to: 302 West Washington Street, Room E-018, Indianapolis, IN 46204. Complete and file form SCC912 or prepare articles that meet the requirements of § 13.1-.912 of the Code of Virginia. Articles Of Dissolution-Nonstock Corporation Form. This is a Virginia form and can be use in Corporation Secretary Of State. Make sure to check what the organization's own articles of incorporation (or "certificate of incorporation") and bylaws have to say about dissolution. Please make sure you thoroughly complete all information requested on this form. Please list complete addresses which include street, number, city and zip code. Form 110 may be used to file articles of dissolution for a nonstock corporation ("corporation"). Form 110 may be used to file articles of dissolution for a nonstock corporation ("corporation").

Virginia Articles Of Dissolution-Nonstock Corporation

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