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Rhode Island Articles of Dissolution (Domestic Non Profit Corp)

Rhode Island Articles of Dissolution (Domestic Non Profit Corp)

Name: Rhode Island Articles of Dissolution (Domestic Non Profit Corp)
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.6 (355 reviews)

Category:

Rhode Island Secretary of State - Non-Profit Corporation

State:

Rhode Island

Control #:

RI-SKU-0181

Format:

Instant download

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Articles of Dissolution (Domestic Non Profit Corp) The Rhode Island Articles of Dissolution (Domestic Non Profit Corp) is a legal document that is filed with the Rhode Island Secretary of State when a domestic non-profit corporation in the state wishes to dissolve. This document outlines the process of winding up the corporation’s business, paying out liabilities, and distributing assets to shareholders. It must be signed by all directors and officers of the corporation and must include the name and address of the corporation, the date of dissolution, and the purpose of the dissolution. The document must also include a statement of intent to dissolve the corporation and a statement of the assets and liabilities of the corporation. There are two types of Rhode Island Articles of Dissolution (Domestic Non Profit Corp): Voluntary Dissolution and Court-Ordered Dissolution. Voluntary Dissolution is when the board of directors of the corporation vote to dissolve the corporation and the shareholders approve the dissolution. Court-Ordered Dissolution is when a court orders the dissolution of the corporation due to a breach of the corporation’s Articles of Incorporation or any other reason.

The Rhode Island Articles of Dissolution (Domestic Non Profit Corp) is a legal document that is filed with the Rhode Island Secretary of State when a domestic non-profit corporation in the state wishes to dissolve. This document outlines the process of winding up the corporation’s business, paying out liabilities, and distributing assets to shareholders. It must be signed by all directors and officers of the corporation and must include the name and address of the corporation, the date of dissolution, and the purpose of the dissolution. The document must also include a statement of intent to dissolve the corporation and a statement of the assets and liabilities of the corporation. There are two types of Rhode Island Articles of Dissolution (Domestic Non Profit Corp): Voluntary Dissolution and Court-Ordered Dissolution. Voluntary Dissolution is when the board of directors of the corporation vote to dissolve the corporation and the shareholders approve the dissolution. Court-Ordered Dissolution is when a court orders the dissolution of the corporation due to a breach of the corporation’s Articles of Incorporation or any other reason.

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Businesses in Rhode Island that are no longer transacting business in this state must formally dissolve. Deciding to Close Your Business.Comply with Employment and Labor Laws.Resolve Financial Obligations.Obtain and Submit Appropriate Documents.Cancel Registrations, Permits, and Licenses.Maintain Records.

As required by law, a nonprofit organization that is ceasing existence is required to transfer all remaining assets to another tax-exempt organization or to the government. It is unlawful to give any property away to individuals ? including board members, volunteers, staff, or beneficiaries.

For federal tax purposes, you'll need to file IRS Form 990 or IRS Form 990-EZ. You must include a completed Schedule N (Liquidation, Termination, Dissolution, or Significant Disposition of Assets), as well as copies of your certificate of dissolution and resolution to wind up and dissolve.

What does dissolution of a business mean? Business dissolution can be caused in many ways, including the failure to file annual reports or pay certain taxes in the state of incorporation, bankruptcy, or voluntary dissolution by business owners.

If the leadership of the organization decides that winding down is the best option, the organization will need a ?plan of dissolution.? A plan of dissolution is essentially a written description of how the nonprofit intends to distribute its remaining assets and address its remaining liabilities.

Dissolution Clause: The dissolution clause is a statement that explains what said organization will do with its assets in the event that the organization dissolves. This clause is particularly important given that the assets of a nonprofit are not owned by any person or group.

Steps to dissolving a nonprofit File a final form. In this type of dissolution, the IRS mandates that the board of directors of the nonprofit organization complete certain requirements to "dissolve," or shut down, the 501(c)(3).Vote for dissolution.File Form 990.File the paperwork.

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Make sure to check what the organization's own articles of incorporation (or "certificate of incorporation") and bylaws have to say about dissolution. 1. The resolution to dissolve was adopted at a meeting of the members of said corporation.A quorum of members was present at such meeting. Submit original completed paperwork and payment to: 302 West Washington Street, Room E-018, Indianapolis, IN 46204. Complete and file a Certificate of Dissolution with the Department of State. Read all instructions prior to completing. This form is only applicable to the termination of a nonprofit corporation or a cooperative association. HOW WAS THE DISSOLUTION APPROVED: Complete the information as required. If membership approval was not required, check the appropriate section. Complete and include this form with your paper submission.

Rhode Island Articles of Dissolution (Domestic Non Profit Corp)

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