Form with which a corporation may resolve to alter its organization structure from a subchapter (s) corporation to another corporate form.
West Virginia Terminate S Corporation Status - Resolution Form - Corporate Resolutions
State:
Multi-State
Control #:
US-0054-CR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Shutting down a corporation is an exercise in liquidation converting the value of the company to cash. As the corporation is winding down operations, its managers must make every effort to identify and collect all money the company is owed, and to identify and pay all of its remaining financial obligations.
To revoke a Subchapter S election/small business election that was made on Form 2553, submit a statement of revocation to the service center where you file your annual return. The statement should state: The corporation revokes the election made under Section 1362(a)
File a dissolution, termination, withdrawal, or cancellation online quickly and conveniently through the One Stop Business Portal. The Secretary of State's Office also provides forms that meet minimum state law requirements available online through the Secretary of State Form Search.
Typically, your shareholders will have to vote to dissolve the S-Corp. The decision to dissolve the business has to be a majority vote. Some states only require a simple majority, while others call for a supermajority or something else, like a two-thirds majority.
Things you need to do before you Dissolve a West Virginia Corporation.Hold a Directors meeting and record a resolution to Dissolve the West Virginia Corporation.Hold a Shareholder meeting to approve Dissolution of the West Virginia Corporation.File all required Annual Reports with the West Virginia Secretary of State.More items...
To revoke a Subchapter S election/small business election that was made on Form 2553, submit a statement of revocation to the service center where you file your annual return.
Involuntary Terminating Events An S corporation election may be terminated involuntarily if the entity ceases to qualify as a small business corporation or its passive income exceeds the passive income limitation. An S corporation ceases to qualify as an S corporation if it does not meet the criteria in Sec.
Inadvertent Termination of the S Election An entity will cease being a small business corporation if at any time it issues a second class of stock, acquires more than 100 shareholders, or has an ineligible shareholder.
How to close a corporation: 6 stepsStep 1: Hold a board meeting.Step 2: File articles of dissolution.Step 3: Review labor laws.Step 4: File tax forms.Step 5: Close accounts, cancel licenses and remit final payments.Step 6: Liquidate or distribute assets.
