Arkansas Dissolution Package to Dissolve Corporation
What this document covers
The Arkansas Dissolution Package to Dissolve Corporation facilitates the voluntary dissolution of a corporation in Arkansas. This package includes the necessary forms, step-by-step instructions, and additional information required to officially dissolve a corporation. Unlike other dissolution processes, this form specifically addresses voluntary dissolution, ensuring compliance with Arkansas law.
Key components of this form
- Articles of Dissolution for corporations that have not issued shares.
- Articles of Dissolution for corporations that have issued shares.
- Resolutions for board approval of dissolution.
- Notices for special shareholder meetings.
- Final Franchise Tax Report form.
- Claim notifications for creditors.
When to use this form
This form is used when a corporation in Arkansas decides to voluntarily dissolve. Scenarios include when a business has completed its purpose, is no longer viable, or when shareholders unanimously agree to close the company. Using this package ensures that all legal requirements are met for a smooth dissolution.
Who needs this form
- Business owners looking to dissolve their corporation voluntarily.
- Shareholders who have reached a consensus on dissolving their business.
- Corporations that have not started business operations or have issued shares.
- Legal representatives managing corporate dissolution.
Steps to complete this form
- Determine if the corporation has issued shares or commenced business.
- If not, complete the Articles of Dissolution, including the corporation's name, date of incorporation, and the statement that no shares have been issued.
- If shares have been issued, adopt a resolution to recommend dissolution and notify all shareholders.
- Fill out the appropriate Articles of Dissolution form based on the year of incorporation, and submit it to the Secretary of State.
- Complete and submit the Final Franchise Tax Report simultaneously with the Articles of Dissolution.
Does this document require notarization?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
Avoid these common issues
- Failing to notify all shareholders about the dissolution process.
- Not filing the Final Franchise Tax Report alongside the Articles of Dissolution.
- Using incorrect forms based on the year of corporation establishment.
- Omitting necessary details in the Articles of Dissolution.
Advantages of online completion
- Convenient access to all necessary documents in one package.
- Editable templates that allow you to fill in your specific information.
- Step-by-step guidance reducing confusion during the dissolution process.
- Ensures compliance with Arkansas laws, minimizing the risk of issues post-dissolution.
Form popularity
FAQ
There is no fee to file the certificate of dissolution. However, there is a non-refundable $15 special handling fee for processing documents delivered in person at the Sacramento SOS office. It can take the SOS many weeks to process a certificate. However, expedited service is available for an additional fee.
A California corporation can be involuntarily suspended by the Secretary of State for its failure to abide by all applicable laws, including failure to file tax returns for five years or pay sales or income taxes. A suspended corporation has no legal capacity to sue or defend itself.
An inactive business is a business that still exists but has no activity, which means no business transactions during a specific year.Even if the business has no income, it may still be considered active for tax purposes. There are many reasons a business may become inactive.
Dissolve the Legal Entity (LLC or Corporation) with the State. An LLC or Corporation needs to be officially dissolved. Pay Any Outstanding Bills. You need to satisfy any company debts before closing the business. Cancel Any Business Licenses or Permits. File Your Final Federal and State Tax Returns.
Failing to dissolve the corporation allows third parties to continue to sue the corporation as if it is still in operation. A judgment might mean that shareholders use the money received from distributed assets when the corporation closed down to satisfy judgments against the corporation.
If you don't officially close the company, they'll still bill you, possibly with late fees. Some states will dissolve the LLC after that, but not all.If you have outstanding company debts, you need to settle up. You have to file a final tax return, pay final payroll taxes and cancel your EIN account with the IRS.
In most states, to keep a corporation active, the owners must file annual reports and income tax returns. They may have to pay annual fees as well. Failure to do these things can render the corporation inactive. A corporation may also voluntarily become inactive by ceasing to do business.
Step 1: Follow Your Arkansas LLC Operating Agreement. Step 2: Close Your Business Tax Accounts. Step 3: File Articles of Dissolution.
