Virginia Articles Of Dissolution-Nonstock Corporation is a document used to officially terminate a nonstick corporation in the state of Virginia. A nonstick corporation is a type of organization that is not organized for the purpose of making a profit, but instead for purposes such as promoting a social cause or providing a service. The Articles of Dissolution must be filed with the Virginia State Corporation Commission in order to legally dissolve the nonstick corporation. The different types of Virginia Articles of Dissolution-Nonstock Corporation include: • Voluntary Dissolution: This type of dissolution is initiated by the members of the corporation with a majority vote. • Involuntary Dissolution: This type of dissolution is initiated by the Virginia State Corporation Commission due to the nonstick corporation not meeting the requirements of its Articles of Incorporation or failing to pay taxes or fees. • Administrator Dissolution: This type of dissolution is initiated by the Virginia State Corporation Commission when there are no members of the nonstick corporation who are able to act on behalf of the organization.
Virginia Articles Of Dissolution-Nonstock Corporation
Description
How to fill out Virginia Articles Of Dissolution-Nonstock Corporation?
US Legal Forms is the most simple and affordable way to find appropriate legal templates. It’s the most extensive web-based library of business and personal legal documentation drafted and verified by legal professionals. Here, you can find printable and fillable templates that comply with national and local laws - just like your Virginia Articles Of Dissolution-Nonstock Corporation.
Obtaining your template takes just a couple of simple steps. Users that already have an account with a valid subscription only need to log in to the web service and download the form on their device. Afterwards, they can find it in their profile in the My Forms tab.
And here’s how you can get a professionally drafted Virginia Articles Of Dissolution-Nonstock Corporation if you are using US Legal Forms for the first time:
- Read the form description or preview the document to ensure you’ve found the one corresponding to your demands, or locate another one utilizing the search tab above.
- Click Buy now when you’re sure of its compatibility with all the requirements, and choose the subscription plan you like most.
- Register for an account with our service, sign in, and pay for your subscription using PayPal or you credit card.
- Choose the preferred file format for your Virginia Articles Of Dissolution-Nonstock Corporation and download it on your device with the appropriate button.
Once you save a template, you can reaccess it whenever you want - just find it in your profile, re-download it for printing and manual fill-out or upload it to an online editor to fill it out and sign more proficiently.
Take full advantage of US Legal Forms, your trustworthy assistant in obtaining the required official paperwork. Try it out!
Form popularity
FAQ
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.
Unlike a stock corporation that issues shares of stock to investors who then become "owners" and are entitled to share in the corporation's profits, a nonstock corporation does not have any shareholders or "owners."
The corporation must have been dissolved voluntarily by filing articles of dissolution, and the dissolution must not have been revoked. The chairman or any vice-chairman of the board of directors, the president, or any other of its officers authorized to act on behalf of the corporation must sign the articles.
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.
If your nonprofit has members, you'll need a proposal to dissolve. If your nonprofit doesn't have members, you'll need a resolution to dissolve. In either case, you'll also likely need a plan of distribution that indicates how the nonprofit's remaining assets will be distributed after all creditors have been paid.
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.
Visit to file articles of dissolution and/or termination of a Virginia Stock Corporation in real time. Questions? P.O. Box 1197 Richmond, VA 23219 Richmond, VA 23218-1197 Pay online with a credit card or eCheck. No additional processing fees apply for filing online.
Virginia Nonprofit Board Member Requirements The organization structure of your nonprofit in Virginia MUST include at least 3 directors not related to each other.