What Is the First Step That Must Be Taken in the Dissolution of a Corporation?

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Overview of Dissolving a Corporation

  1. Initial Steps for Dissolution

    • Call a board meeting.
    • File articles of dissolution with the secretary of state.

  2. Tax Obligations and Asset Distribution

    • Notify taxing authorities.
    • File final annual tax returns.
    • Distribute assets to shareholders.
    • Report asset distribution on final tax forms.

  3. Legal and Administrative Procedures

    • Obtain necessary consents.
    • Address outstanding debts and liabilities.
    • Consider court-supervised dissolution for proper winding down.

  4. Dissolution Process in New Jersey

  5. Key Points for Dissolution

  6. Additional Information

  7. Steps to Dissolve a Corporation

  8. Notice to the IRS and Final Tax Returns

    • Notify the IRS.
    • File final annual tax returns.

  9. Asset Distribution and Consent

    • Distribute remaining assets.
    • Obtain necessary consents.

  10. Tax Implications and Legal Assistance

    • Understand tax implications based on structure.
    • Consider expert assistance for complex cases.

  11. Nonprofit Corporation Dissolution

  12. Closing a Business Online

    • Use njportal.com for online dissolution.
    • Submit appropriate forms for dissolution.

  13. Ways to Dissolve a New Jersey Corporation

  14. Revoking Dissolution and Compliance

    • Revocation process within 60 days.
    • Ensure compliance with state requirements.

  15. Corporations Ending Business in New Jersey

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