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North Carolina
Plan of Liquidation and Dissolution of a Corporation

North Carolina Plan of Liquidation and Dissolution of a Corporation

Category:

Corporations - Public - Liquidation and Dissolution

State:

Multi-State

Control #:

US-0076BG

Format:

Instant download

Description

Dissolution is the act of bringing to an end. It is the act of rendering a legal proceeding null, or changing its character. Under corporate law, it is the last stage of liquidation. Dissolution is the process by which a company is brought to an end.

Liquidation is the selling of the assets of a business, paying bills and dividing the remainder among shareholders, partners or other investors. A business need not be insolvent to liquidate. Upon liquidation of certain business, such as a bank, a bond may be required to be posted to assure the proper distribution of assets to creditors.

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FAQ

Administrative dissolution is an action taken by the Secretary of State that results in the loss of a business entity's rights, powers and authority. Reinstatement is the action taken that restores an administratively dissolved business entity's rights, powers, and authority.

There is a $30 fee ($32 if you file online) to file articles to dissolve a corporation or LLC in North Carolina. You can have a document processed the same day it is received if you pay a $200 expedite fee. For an additional $100, processing can be completed within 24 hours (excluding weekends/holidays).

The process to dissolve your corporation in California is relatively straightforward. However, if you qualify for one of the special dissolution procedures, you might need additional help navigating the process.

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.

A plan for voluntary dissolution of a North Carolina corporation. This document can be used as a standalone plan or incorporated into board or shareholders' resolutions. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.

In its most basic form, the corporation needs to vote to dissolve and then file the proper documents with the North Carolina Secretary of State's office. The process is slightly different if you have issued shares or have not issued shares, and if you have a board of directors or not.

A plan for voluntary dissolution of a North Carolina corporation. This document can be used as a standalone plan or incorporated into board or shareholders' resolutions. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.

Submit the Articles of Dissolution and the Coversheet to the SOS online, by mail, or in person and include payment. The North Carolina SOS accepts cash, certified checks, money orders, business or personal checks (with address and telephone number).

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