Steps to Dissolving a Business in New Jersey
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The process of dissolving a corporation in New Jersey typically takes around six months. This includes filing the necessary paperwork with the state, paying any outstanding debts and liabilities, and distributing the remaining assets to the shareholders. The Certificate of Dissolution processing time can take up to 10 business days. Unless you dissolve your corporation with the New Jersey Department of Treasury, that corporation will be responsible for all recurring fees and penalties.
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To dissolve a New Jersey corporation you need to complete the "Winding Up" process. There are things you need to do before and after the New Jersey Department of Treasury has approved dissolution. For example, you need to notify the IRS that the business has been dissolved. Businesses need to register with the state to legalize their operations. Failure to dissolve means your company still exists.
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It can take several weeks to several months to dissolve a business in New Jersey, depending on how long it takes to complete all the necessary steps. If you don’t properly dissolve your business you could be responsible for paying ongoing fees and taxes, and you may still be liable for any debts or obligations.
Dissolving a New Jersey Corporation
- To dissolve a nonprofit corporation in New Jersey, notify the Attorney General’s office and file a Certificate of Dissolution with the Division of Consumer Affairs. Corporations ending business in New Jersey can dissolve, cancel, or withdraw online at njportal.com/dor/annualreports by selecting “Close a Business.” A corporation may be dissolved pursuant to action of its Board of Directors and shareholders by filing articles of dissolution in form C-159S with the Office of the Treasurer, Division of Revenue.
Revoking the Dissolution of a New Jersey Corporation
- Yes. You can revoke the dissolution of a New Jersey corporation within 60 days following the effective date of dissolution. File a Certificate of Revocation with the division. The New Jersey Division of Revenue requires corporations to be in good standing before they are allowed to dissolve. If you are late in filing any annual reports, you will have to file the report(s) before dissolving the corporation. You can file a Certificate of Dissolution by mail, in person, or online.
Closing a Business Online
- Corporations ending business in New Jersey can dissolve, cancel, or withdraw online. Go to njportal.com/dor/annualreports and select “Close a Business.” Businesses that choose to complete a paper application must submit all of the following: Appropriate dissolution/withdrawal/cancellation form. A corporation may be dissolved pursuant to action of its Board of Directors and shareholders. To effect such a dissolution, the corporation may file in the Office of the Treasurer, Division of Revenue, the articles of dissolution set forth in form C-159S.