The North Carolina Plan of Liquidation is a legal document and process that outlines the systematic winding down of a business or organization in the state of North Carolina. It provides a detailed roadmap to distribute the assets and settle any remaining obligations in an orderly manner. This plan serves as a guideline for creditors, shareholders, and other stakeholders involved in the liquidation process. Keywords: North Carolina, Plan of Liquidation, business liquidation, organization wind-down, assets distribution, creditor settlement, stakeholder involvement. There are different types of North Carolina Plans of Liquidation, each designed to address specific circumstances and legal requirements. Some notable types include: 1. Business Liquidation Plan: This type of liquidation plan is commonly used when a business has become insolvent and is unable to meet its financial obligations. It outlines the steps for selling off the company's assets, paying off creditors in a specified order, and distributing any remaining funds to shareholders. 2. Nonprofit Organization Liquidation Plan: Nonprofit organizations in North Carolina may submit a Plan of Liquidation when they decide to cease operations. This plan typically includes the disposition of assets, transfer of programs to other organizations, and the settlement of any outstanding debts or obligations. 3. Bankruptcy Liquidation Plan: In cases where a business or individual files for bankruptcy in North Carolina, a Plan of Liquidation may be required as part of the bankruptcy proceedings. This plan outlines the sale or disposition of assets, repayment schedule for creditors, and various other details specific to bankruptcy law. 4. Estate Liquidation Plan: When an individual passes away in North Carolina, their estate may go through a liquidation process to distribute assets to beneficiaries and pay off outstanding debts. An Estate Liquidation Plan details the steps for inventorying assets, appraising their value, and distributing them according to the deceased's wishes and legal requirements. 5. Municipal or Government Entity Liquidation Plan: Governments or municipal entities in North Carolina may create a Liquidation Plan when they decide to dissolve or consolidate their operations. This plan outlines the transfer of assets, settlement of debts, disposal of surplus property, and any necessary actions to ensure a smooth transition. In conclusion, the North Carolina Plan of Liquidation is a comprehensive and strategic document that serves as a roadmap for winding down various types of businesses, organizations, estates, and governmental entities. It provides a framework to distribute assets, settle debts, and manage the interests of stakeholders throughout the liquidation process.
North Carolina Plan of Liquidation
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How to fill out North Carolina Plan Of Liquidation?
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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).
If the name was ever registered with the state it will be in the entity database. The company will typically be determined to be dissolved or inactive. If it's dissolved you can more than likely use the name, but if the business is inactive the state may not let you use the name.
When administrative dissolution occurs, a business can still operate, have bank accounts, and accept payments. However, a creditor cannot go after any possible assets of that entity. If the suspended or defunct entity receives payment from clients, the checks must go into a corporate bank account.
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.
Online filings are processed in 3-5 business days. Documents for LLC or corporation dissolution are processed by the North Carolina SOS in seven to ten business days when mailed. Same day expedited service costs an additional $200. 24 hour expedited service costs an additional $100.
A plan of dissolution, which specifies how the nonprofit corporation's remaining assets shall be distributed, must be attached to the Articles of Dissolution.
What happens if my company is administratively dissolved? You may lose some of the benefits of being incorporated. For example, if your company is not reinstated within 5 years, you may lose the right to use the same name.
Once an entity is administratively dissolved, it may apply to the Secretary of State for reinstatement (or requalification, in the case of foreign entities). The entities must submit an application and correct all reasons that led to the dissolution or else prove to the Secretary that the grounds do not exist.