Washington Plan of Liquidation
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FAQ
Under the first method, the board first must approve the resolution to dissolve and then submit it to the voting members. The members then generally meet and vote to approve the resolution. At least a two-thirds majority is required for approval. Alternatively, all members may provide their written consent to dissolve.
Shareholder Distribution The final step of dissolution involves distributing the company's remaining assets among the owners (a.k.a. shareholders). The assets may include the money kept in bank accounts or obtained from disposing of the company's non-cash assets.
Final Dissolution Steps Submit your certificate of dissolution to WA state. Cancel any permits, licenses, or other registrations. Pay outstanding debts. Liquidate or distribute assets as outlined in the dissolution agreement. Pay final taxes and close out relevant bank accounts from your partnership.
If you want to dissolve a Washington corporation, you must undertake a two-step process. You must first file with the Department of Revenue, which will confirm that you have paid all of your business taxes. Second, you must file with the Secretary of State, which will dissolve your Washington corporation.
In a corporation, the remaining cash and assets are totaled and then divided by the number of shares owned by shareholders.
When a company is dissolved, its directors are released from their duties and responsibilities related to that specific company. As long as the individual has not been disqualified from acting as a director or found guilty of unfit conduct, they are free to take up directorship positions in other companies.
When business file, creditors are notified that the company is dissolved so no other credit is extended. This also ends any further payroll tax obligations. Since dissolving a company is a government action, a company can close itself while there is still outstanding debt.
When a company is dissolved (or closes), the assets must be liquidated (i.e., sold).
