North Dakota Declaration of Dissolution of Unit
Description
How to fill out Declaration Of Dissolution Of Unit?
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FAQ
Generally, it is recommended that business owners get legal assistance to file the necessary documents with the proper state agencies. Call a board meeting. ... File a certificate of dissolution with the Secretary of State. ... Notify the Internal Revenue Service (IRS) ... Close accounts and credit lines, cancel licenses, etc.
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.
How do you dissolve a North Dakota corporation? If your corporation has never issued any shares, been paid for shares, or incurred debt, then you can file the Articles of Dissolution by Incorporators. Otherwise, you must first file the Corporation Intent to Dissolve form with the North Dakota Secretary of State (SOS).
Articles of dissolution are the reverse of organization or incorporation articles ? they end your business entity's existence.
When the business dissolves, officers are responsible for the liquidation of company assets. Proceeds from the sale are then payable for outstanding debts that remain. Once all the debts are satisfied, the owners or shareholders of the business may claim and divide the balance of the assets.
