Minnesota Sample Letter regarding Notification of Official Notice of Intent to Administratively Dissolve or Revoke Corporation
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How to fill out Sample Letter Regarding Notification Of Official Notice Of Intent To Administratively Dissolve Or Revoke Corporation?
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FAQ
How do you dissolve a Minnesota Corporation? Corporations which have issued shares: To dissolve your Minnesota corporation after it has issued shares, you must first file the Intent to Dissolve form with the Minnesota Secretary of State (SOS). Then the corporation will file the Articles of Dissolution Chapter 302A.
Minnesota law exempts certain nonprofit organizations from paying Sales and Use Tax. To get this exemption, an organization must apply to the Minnesota Department of Revenue for authorization, known as Nonprofit Exempt Status.
To dissolve your Minnesota corporation after it has issued shares, you must first file the Intent to Dissolve form with the Minnesota Secretary of State (SOS). Then the corporation will file the Articles of Dissolution Chapter 302A. 7291 or 302A. 727.
The Certificate of Intent to Dissolve gives notice to creditors and the public that the corporation is no longer carrying on business.
Any nonprofit group or organization, unless exempt, located in Minnesota must register with the Minnesota Attorney General. Any non-exempt nonprofit, in any state, intending to solicit in Minnesota must also register, along with anyone intending to solicit in Minnesota on behalf of a nonprofit.
After dissolution, a corporation is generally expected to pay all its existing debts and then liquidate its remaining assets to its shareholders. This sometimes becomes difficult, however, where there are unknown claims that may exist against the corporation.
317A. A nonprofit corporation's purpose and activities must serve the organization's mission to benefit the public, and may not be operated to profit other persons or entities.
If you choose to close down a Minnesota nonprofit corporation, you will need to go through a process called dissolution. Dissolution requires a vote or other formal authorization, the filing of key documents with government agencies, and a group of other tasks collectively known as winding up the corporation.
