Maine Voluntary Dissolution By Incorporates is the process of formally dissolving or terminating a Maine corporation that was organized by the incorporates of the corporation. This process requires the approval of the incorporates to file Articles of Dissolution with the Office of the Maine Secretary of State. The Articles of Dissolution must include the name of the corporation, the date of incorporation, the date of dissolution, the names and signature of the incorporates, and the tax clearance information. The dissolution also requires a statement of the dissolution of the corporation and a statement of the manner and extent of the distribution of the assets of the corporation. There are two types of Maine Voluntary Dissolution By Incorporates: “Domestic” and “Foreign”. Domestic dissolution involves a Maine corporation that was initially formed by the incorporates and registered with the Maine Secretary of State. Foreign dissolution involves a Maine corporation that was initially formed in another state and registered with the Maine Secretary of State.
Maine Voluntary Dissolution By Incorporators
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The formal method involves a series of steps, including a Board decision, filing two specific forms with the Maine Secretary of State (the Statement of Intent to Dissolve and the Articles of Dissolution), and filing a final IRS Form 990.
Dissolving a corporation successfully takes several key steps. Such requirements may vary across the fifty states. Generally, it is recommended that business owners get legal assistance to file the necessary documents with the proper state agencies.
One of the most common reasons to close your business is because of low cash flow. Accumulating more and more debt is not the way to get through the tough times! If you end up producing defective products or even are facing bankruptcy, you are going to need a business dissolution to protect yourself.
If you would like to dissolve a Maine Corporation, file a signed, original form MBCA-11, Articles of Dissolution with the Maine Secretary of State, Bureau of Corporations, Elections, and Commissions (SOS). Maine SOS forms are fillable so you can just enter your information, print, and mail them to the SOS.
Liquidation of Assets After a company is dissolved, it must liquidate its assets. Liquidation refers to the process of sale or auction of the company's non-cash assets. Note that only those assets your company owns can be liquidated. Thus, you can't liquidate assets that are used as collateral for loans.
How to dissolve a business in 7 steps Step 1: Get approval of the owners of the corporation or LLC.Step 2: File the Certificate of Dissolution with the state.Step 3: File federal, state, and local tax forms.Step 4: Wind up affairs.Step 5: Notify creditors your business is closing.Step 6: Settle creditors' claims.