Steps to Dissolve a Corporation in New Jersey
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.
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.
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.
The processing time for the Certificate of Dissolution can take up to 10 business days.
Dissolving a Nonprofit Corporation in New Jersey
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.
Additional Information on Dissolving a Corporation
- If you never registered LLC in New Jersey, then the business doesn’t exist in the eyes of the state, and you have less to worry about prior to dissolving.
- You can revoke the dissolution of a New Jersey corporation within 60 days following the effective date of dissolution by filing a Certificate of Revocation with the division.
FAQs
- Do I need a plan of dissolution in NJ?
- How long does it take to dissolve a business in NJ?
Summary of Nonprofit Dissolution
Here is a summary of the actions you will need to do to shut down your nonprofit company in New Jersey. This article solely addresses voluntary dissolution of an existing New Jersey 501(c)(3) nonprofit company.
Dissolution Processes
- Corporations ending business in New Jersey can dissolve, cancel, or withdraw online.
- A corporation may be dissolved pursuant to action of its Board of Directors and shareholders.
Conclusion
By following these guidelines, you can dissolve your New Jersey business with confidence and peace of mind.