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Michigan Dissolution Package to Dissolve Corporation

Lansing Michigan Dissolution Package to Dissolve Corporation

Category:

Corporations - Dissolution

State:

Michigan

City:

Lansing

Control #:

MI-DP-0001

Format:

Instant download

Description

The dissolution of a corporation package contains all forms to dissolve a corporation in Michigan, step by step instructions, addresses, transmittal letters, and other information.

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How to fill out Michigan Dissolution Package To Dissolve Corporation?

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FAQ

To dissolve a non-profit in Michigan, start by reviewing your organization's bylaws and articles of incorporation. Ensure you follow the procedures outlined for dissolution. Next, complete the necessary forms, including the Lansing Michigan Dissolution Package to Dissolve Corporation, and submit them to the Michigan Department of Licensing and Regulatory Affairs. Lastly, address any outstanding debts or obligations to wrap up the organization’s affairs properly.

To dissolve a nonprofit corporation in Michigan, you must follow specific procedures outlined by the state. Start by obtaining board approval for the dissolution. Then, file Articles of Dissolution and address any financial obligations. A Lansing Michigan dissolution package to dissolve your corporation can streamline this process, helping you complete all necessary steps efficiently.

Dissolving an LLC may seem challenging, but it becomes manageable with the right guidance. The process requires attention to detail in filing documents and settling debts. With the help of a Lansing Michigan dissolution package to dissolve your corporation, you can navigate the procedures without hassle.

Dissolving a corporation involves several crucial steps. First, you need to hold a meeting to obtain approval from shareholders. Next, you should file the necessary documents, like Articles of Dissolution, with the state. A Lansing Michigan dissolution package to dissolve your corporation can guide you through these essential steps, ensuring compliance every step of the way.

Deciding whether to dissolve or keep your LLC inactive depends on your future plans. If you do not intend to use the LLC again, dissolving it can save you from ongoing fees and regulatory requirements. Consider utilizing a Lansing Michigan dissolution package to dissolve your corporation, making the process straightforward and efficient.

To dissolve your LLC in Michigan, you must file Articles of Dissolution with the Michigan Department of Licensing and Regulatory Affairs. Ensure you settle all debts and obligations before submitting the paperwork. Using a Lansing Michigan dissolution package to dissolve your corporation can simplify this process, helping you ensure that every step is covered.

Before dissolving your LLC, review your operating agreement and other legal documents. Assess your financial obligations, such as paying debts and closing bank accounts. Additionally, it’s wise to obtain a Lansing Michigan dissolution package to ensure compliance with local regulations.

Dissolving a nonprofit organization in Michigan involves several steps. First, you need to have a formal dissolution approved by your board of directors. Then, you must file the Articles of Dissolution with the state. It is essential to manage all remaining liabilities and distribute any assets properly. Consider using the Lansing Michigan Dissolution Package to Dissolve Corporation for streamlined guidance through this process.

To shut down a nonprofit organization, you must follow a defined procedure, starting with a board resolution to approve the dissolution. After the decision, you must file the appropriate Articles of Dissolution with the Michigan state authorities. Moreover, it’s crucial to ensure that all financial obligations are met before finalizing the closure. The Lansing Michigan Dissolution Package to Dissolve Corporation provides the resources you need to comply with these steps efficiently.

Dissolving a nonprofit organization in Michigan requires filing Articles of Dissolution with the Michigan Department of Licensing and Regulatory Affairs. This form formally communicates your decision to close the nonprofit. Additionally, it is important to settle any outstanding debts and distribute remaining assets according to state law. You can leverage the Lansing Michigan Dissolution Package to Dissolve Corporation to help navigate this process smoothly.

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Michigan Dissolution Package to Dissolve Corporation

MICHIGAN CORPORATE DISSOLUTION
LAW SUMMARY

Statutory Reference:

MICHIGAN COMPILED STATUTES Â§Â§450.1801-450.1846 and Â§450.1488.

General Discussion:

A Michigan corporation may be dissolved 1. By the automatic expiration of its period of duration as set forth in the Articles of Incorporation;
2. By the incorporators or directors;
3. By the board and the shareholders;
4. Pursuant to a shareholder agreement;
5. By a judgment of the circuit court;
6. Automatically for failure to file an annual report or pay the filing fee; OR
7. By court order in receivership or bankruptcy proceedings. THIS FORM PACKAGE ADDRESSES ONLY WITH THE VOLUNTARY DISSOLUTION OF A MICHIGAN CORPORATION BY THE INCORPORATORS AND DIRECTORS, THE BOARD AND THE SHAREHOLDERS, AND/OR PURSUANT TO A SHAREHOLDER AGREEMENT.

For a corporation to voluntarily dissolve by its incorporators or directors, the corporation must (1) have not commenced business; (2) have not issued any shares; (3) have not debts or liabilities; and, (4) have not received payment for any of its shares (or, if it has received payment for shares, it has returned those payments)

A majority of the incorporators or directors may file a Certificate of Dissolution affirming the above requirements and stating that a majority of the incorporators or directors have elected that the corporation be dissolved.

A corporation may also be dissolved by its board and shareholders.

The Board must propose and recommend dissolution to the shareholders.Â In the alternative, the Board may determine that it has a conflict of interest or that special circumstances exist which dictate that no recommendation can be made.Â In this case, the Board must tell the shareholders the basis for its determination.Â The Board may condition its proposal for dissolution on any basis.

The Board's proposed dissolution is then submitted to the shareholders at a duly noticed shareholder meeting.Â All shareholders, whether entitled to vote on the Board's recommendation or not, shall be notified of the meeting.Â Notice shall be timely given and the Notice shall state that one purpose of the meeting to vote on the dissolution of the corporation.

The shareholders vote on the proposed dissolution at the meeting.Â The proposal must be approved by the holders of a majority of the outstanding shares of the corporation entitled to vote.

If the dissolution is approved, a Certificate of Dissolution is filed.

Finally, if there is a shareholder agreement regarding dissolution that complies with Â§450.1488 of the Michigan Business Corporation Act, then the Shareholders can dissolve the corporation.

The corporation is dissolved when the Certificate of Dissolution is filed with the Michigan Department of Consumer and Industry Services.Â However, the corporation's existence is continued for the purpose of "winding up" the affairs of the corporation.

During the winding up period, the corporation may only 1. Collect its assets.
2. Sell or otherwise transfer assets which are not to be distributed in kind to its shareholders.
3. Pay its debts and other liabilities.
4. And do all other acts incident to liquidation of the corporations business and affairs. During the winding up process of a dissolved corporation, its officers, directors and shareholders continue to function in the same manner as if dissolution had not occurred and title to the corporation's assets remains in the corporation's name until they are transferred. Shares may be transferred and the corporation may sue and be sued in its corporate name.Â Dissolution does not abate actions brought against the corporation prior to dissolution.

Corporate dissolution does not change quorum or voting requirements for the board or shareholders, and does not alter provisions regarding election, appointment, resignation or removal of, or filling vacancies among, directors or officers, or provisions regarding amendment or repeal of bylaws or adoption of new bylaws.

A dissolved corporation should notify its claimants/creditors in writing of the dissolution of the corporation.Â This may be done at any time after the effective date of the dissolution. The written notice MUST include: 1. A description of the information that must be included in a claim;
2. A mailing address where a claim may be sent;
3. The deadline [not be less than 6 months from the effective date of the written notice which is the earliest of the following: (a) the date it is received, five days after its deposit in the United States mail, asÂ evidenced by the postmark, if it is mailed postpaid and correctly addressed, or the date shown on the return receipt, if the notice is sent by registered or certified mail, return receipt requested, and the receipt is signed by or on behalf of the addressee] by which claims must be received; AND
4. A statement that the claim will be barred if not received by the deadline. Giving of notice to claimants/creditors does not constitute and admission that a person to whom the notice is directed has a valid claim against the corporation.

A claim against the dissolved corporation is barred 1. If a claimant who was given written notice does not deliver the claim to the dissolved corporation by the deadline, OR
2. If a claimant whose claim was rejected by a written notice of rejection by the dissolved corporation does not commence a proceeding to enforce the claim within 90 days from the effective date of the written notice of rejection. A dissolved corporation should also publish notice of dissolution.Â This may be done at any time after the effective date of dissolution.Â The published notice MUST 1. Be published 1 time in a newspaper of general circulation in the county where the dissolved corporation's principal office, or if there is no principal office in this state, its registered office, is or was last located.
2. State that a claim against the corporation will be barred unless a proceeding to enforce the claim is commenced within 1 year after the publication date of the newspaper notice. If the dissolved corporation publishes a newspaper notice, the following claimants are barred from pursuing claims UNLESS the claimant commences a proceeding to enforce the claim against the dissolved corporation within 1 year after the publication date of the newspaper notice: 1. A claimantÂ who did not receive written notice from the corporation;
2. A claimant whose claim was timely sent to the dissolved corporation but not acted on.
3. A claimant whose claim is contingent or based on an event occurring after the effective date of dissolution.Â Â PROVIDED, HOWEVER, a claimant having an existing claim known to the corporation at the time of publication of the notice, and who did not receive a written is not barred from commencing a proceeding until 6 months after the claimant has actual notice of the dissolution. "Before making a distribution of assets to shareholders in dissolution, a corporation shall pay or make provision for its debts, obligations, and liabilities. Compliance with this section requires that, to the extent that a reasonable estimate is possible, provision be made for those debts, obligations, and liabilities anticipated to arise after the effective date of dissolution. Provision need not be made for any debt, obligation, or liability that is or is reasonably anticipated to be barred under section 841a or 842a. The fact that corporate assets are insufficient to satisfy claims arising after a dissolution does not create a presumption that the corporation has failed to comply with this section. Adequate provision is deemed to have been made for any debt, obligation, or liability of the corporation if payment has been assumed or guaranteed in good faith by 1 or more financially responsible corporations, persons, or the United States government or agency of the United States government, and the provision, including the financial responsibility of the corporations or other persons, was determined in good faith and with reasonable care by the board to be adequate. After payment or adequate provision has been made for the corporation's debts, obligations, or liabilities, the remaining assets shall be distributed, except as otherwise provided in this section, in cash, in kind, or both in cash and in kind, to shareholders according to their respective rights and interests. A shareholder beneficially owning less than 5% of the outstanding shares may be paid in cash only, even if a shareholder beneficially owning 5% or more of the outstanding shares receives a distribution in kind, if the ownership of all shareholders receiving cash instead of distributions in kind without their written consent does not exceed 10% of all outstanding shares."Â Michigan Compiled Laws, Â§450.1855a.

A corporation must obtain a tax clearance from the Michigan Department of Treasury. The Certificate of Dissolution cannot be filed unless it is accompanied by the tax clearance.

Note: All Information and Previews are subject to the Disclaimer located on the main forms page, and also linked at the bottom of all search results.

Michigan Dissolution Package to Dissolve Corporation

MICHIGAN CORPORATE DISSOLUTION
LAW SUMMARY

Statutory Reference:

MICHIGAN COMPILED STATUTES Â§Â§450.1801-450.1846 and Â§450.1488.

General Discussion:

A corporation may also be dissolved by its board and shareholders.

The shareholders vote on the proposed dissolution at the meeting.Â The proposal must be approved by the holders of a majority of the outstanding shares of the corporation entitled to vote.

If the dissolution is approved, a Certificate of Dissolution is filed.

Finally, if there is a shareholder agreement regarding dissolution that complies with Â§450.1488 of the Michigan Business Corporation Act, then the Shareholders can dissolve the corporation.

A corporation must obtain a tax clearance from the Michigan Department of Treasury. The Certificate of Dissolution cannot be filed unless it is accompanied by the tax clearance.

Note: All Information and Previews are subject to the Disclaimer located on the main forms page, and also linked at the bottom of all search results.

Lansing Michigan Dissolution Package to Dissolve Corporation

Description

Related forms

Viewed forms

How to fill out Michigan Dissolution Package To Dissolve Corporation?

Form popularity

FAQ

How to dissolve a non-profit in Michigan?

How to dissolve a nonprofit corporation in Michigan?

Is dissolving an LLC hard?

What are the steps involved in dissolving a corporation?

Should I dissolve my LLC or leave it as inactive?

How do I dissolve my LLC in Michigan?

What to do before dissolving LLC?

How to dissolve a non-profit organization in Michigan?

How do I shut down a nonprofit organization?

How do I dissolve a nonprofit organization in Michigan?

Interesting Questions

What is a Lansing Michigan Dissolution Package?

Why would I need to dissolve my corporation?

How do I obtain a Lansing Michigan Dissolution Package?

What documents are included in the Dissolution Package?

Are there any fees associated with dissolving a corporation in Lansing, Michigan?

Can I dissolve my corporation on my own, without legal assistance?

Trusted and secure by over 3 million people of the world’s leading companies

Lansing Michigan Dissolution Package to Dissolve Corporation

Description

Related forms

Viewed forms

How to fill out Michigan Dissolution Package To Dissolve Corporation?

Form popularity

FAQ

How to dissolve a non-profit in Michigan?

How to dissolve a nonprofit corporation in Michigan?

Is dissolving an LLC hard?

What are the steps involved in dissolving a corporation?

Should I dissolve my LLC or leave it as inactive?

How do I dissolve my LLC in Michigan?

What to do before dissolving LLC?

How to dissolve a non-profit organization in Michigan?

How do I shut down a nonprofit organization?

How do I dissolve a nonprofit organization in Michigan?