Texas 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
When the revocation of dissolution is effective, it relates back to and takes effect as of the effective date of the dissolution and the corporation resumes carrying on its business as if dissolution had never occurred.
How do you dissolve a Texas corporation? To dissolve your Texas corporation, you file Form 651 Certificate of Termination of Domestic Entity and accompany that with a tax clearance certificate from the Texas Comptroller of Public Accounts indicating that all taxes have been paid by the entity.
People who continue to operate a business that has been dissolved, are taking a serious risk. That's because once the company dissolves, the corporate protections no longer exist. That means that someone who operates the dissolved business, can be sued personally for anything the (dissolved) company does.
Administrative dissolution is the taking away of the rights, powers, and authority of a domestic corporation, LLC, or other statutory business entity by the state administrator overseeing business entities, due to the entity's failure to comply with certain obligations of the business entity statute.
An entity forfeited under the Tax Code can reinstate at any time (so long as the entity would otherwise continue to exist) by (1) filing the required franchise tax report, (2) paying all franchise taxes, penalties, and interest, and (3) filing an application for reinstatement (Form 801 Word 178kb, PDF 87kb), ...
Once a company is dissolved, it no longer exists as a legal entity and cannot conduct business or enter into contracts. Dissolution may also trigger a number of certain legal obligations, such as the distribution of remaining assets to creditors or shareholders. It also might involve the filing of final tax returns.
Administrative dissolution is an involuntary dissolution action taken by the Secretary of State, or whatever they call it in your state, that results in the loss of the business entity's rights to do business in that particular location.
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.
