Maine Plan of complete liquidation and dissolution

State:
Multi-State
Control #:
US-CC-9-352
Format:
Word; 
Rich Text
Instant download

Description

This sample form, a detailed Plan of Complete Liquidation and Dissolution document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats.

How to fill out Plan Of Complete Liquidation And Dissolution?

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FAQ

A plan of dissolution is a written description of how an entity intends to dissolve, or officially and formally close the business. A plan of dissolution will include a description of how any remaining assets and liabilities will be distributed.

If a Maine LLC is administratively dissolved, it has to file all the annual reports and fees it missed before it can reinstate. The annual report fee for domestic LLCs is $85. There is also a $150 reinstatement penalty fee assessed for each year the LLC failed to file an annual report.

To get back into business again, you can apply for reinstatement. To reinstate an LLC in Maine, there is no form to fill out. Instead, you'll need to fix the issue that led the Maine SOS to administratively dissolve your LLC and pay a reinstatement fee.

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.

Administrative dissolution is the taking away of the rights, powers, and authority of a domestic corporation, LLC, or other statutory business entity by the state administrator overseeing business entities, due to the entity's failure to comply with certain obligations of the business entity statute.

(3) A corporation administratively dissolved continues its corporate existence but may not conduct any affairs except that necessary to wind up and liquidate its affairs under s. 617.1405 and adopt a plan of distribution of assets pursuant to s. 617.1406.

Liquidate means a formal closing down by a liquidator when there are still assets and liabilities to be dealt with. Dissolving a company is where the business is struck off the register at Companies House because it is now inactive.

If your entity is on the "Certificate of Administrative Dissolutions" and you want the entity to be reinstated, you must contact our office at: DFICorporations@dfi.wisconsin.gov? with your entity name and entity ID and we will email you the forms to reinstate the entity.

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Maine Plan of complete liquidation and dissolution