Indiana Liquidation Proposal
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How to fill out Liquidation Proposal?
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FAQ
Liquidation Plan means with respect to any Company or any Fund, a plan of liquidation, a plan to dispose of a substantial portion of its assets out of the ordinary course of business (except in connection with a Permitted Merger) or any other plan of action with similar effect.
In sum, a corporate resolution is sufficient and no plan of liquidation has to be adopted if none is required under state law. But once whatever required state procedure to formalize dissolution is followed, the corporation then has 30 days to file Form 966 with the IRS. [1]26 U.S.C. § 6043(a)(1).
To dissolve your LLC in Indiana, submit one original and one copy of the Indiana Articles of Dissolution (Form 49465) to the Indiana Secretary of State (SOS) by mail or in person. Articles of Dissolution can be filed online if you pay using an IN.gov payment account or a MasterCard, Discover or Visa credit card.
Limited liability companies (LLCs): By default, LLCs are not required to file Form 966 when they dissolve or liquidate.
To dissolve your Indiana Corporation, file Indiana Form 34471, Articles of Dissolution with the Secretary of State, Corporations Division.
What are the differences between liquidation and dissolution? Dissolving a company through the process of dissolution often takes place when a company is solvent, but is no longer trading. Liquidation however, occurs due to a company having financial difficulties and therefore being unable to keep up with their debts.
There is no direct Form 966 penalty for non-filing or late filing, but by not properly notifying the IRS of a dissolution or liquidation, it may result in collateral damage and other penalties.
?A corporation (or a farmer's cooperative) must file Form 966 if it adopts a resolution or plan to dissolve the corporation or liquidate any of its stock. Exempt organizations and qualified subchapter S subsidiaries should not file Form 966.