Wyoming Dissolution Package to Dissolve Corporation
What this document covers
The Wyoming Dissolution Package to Dissolve Corporation is a comprehensive set of legal documents designed to formally terminate a corporation's existence in Wyoming. This package includes all necessary forms, step-by-step instructions, and guidance on how to successfully complete the process of voluntary dissolution. It is specifically tailored to help corporations avoid penalties that could arise from administrative or judicial dissolution, ensuring all legal obligations are met during the winding-up process.
Key components of this form
- Articles of Dissolution: Essential form to officially dissolve the corporation.
- Shareholder Resolution: Document required to validate the decision to dissolve by the board of directors and shareholders.
- Transmittal Letters: Guidelines for correspondence with the Secretary of State.
- Winding-Up Procedures: Instructions on how to distribute assets and address outstanding liabilities.
- Claim Notification Forms: Templates to inform claimants of the dissolution and solicit any claims against the corporation.
Situations where this form applies
This dissolution package should be used when a corporation in Wyoming is no longer needed or desired. Common scenarios include a business that has completed its purpose, declining revenue, or the decision by owners to pursue different ventures. It is also applicable if the corporation has not yet issued shares or started business operations but the owners want to formalize its dissolution.
Who needs this form
- Business owners and shareholders wishing to dissolve their corporation in Wyoming.
- Corporate directors responsible for making the decision to end the corporation's operations.
- Legal representatives of corporations seeking to ensure compliance with state laws during the dissolution process.
How to complete this form
- Gather necessary information about the corporation, including its name, incorporation date, and current status.
- Complete the Articles of Dissolution, ensuring to indicate whether shares have been issued.
- If applicable, prepare the resolution from the board of directors recommending dissolution.
- Mail the completed forms along with any required filing fees to the Secretary of State.
- Notify creditors and other claimants of the dissolution and provide them with any necessary response forms.
Does this document require notarization?
Notarization is generally not required for this form. However, certain states or situations might demand it. You can complete notarization online through US Legal Forms, powered by Notarize, using a verified video call available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to obtain shareholder approval when necessary, particularly if shares have been issued.
- Not filing the Articles of Dissolution with the Secretary of State in a timely manner.
- Neglecting to notify creditors about the dissolution, which may result in unresolved debts.
- Completing forms without verifying all required information, which can lead to delays in processing.
Why use this form online
- Immediate access to all required documents in a user-friendly format.
- Convenient online completion, allowing for edits before final submission.
- Guidance provided throughout the process, ensuring compliance with state laws.
- Quick download and submission options that save time and streamline the dissolution process.
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FAQ
Hold a board of directors meeting and formally move to dissolve your corporation. Fill out and file the Articles of Dissolution with the Wyoming Secretary of State. Fulfill all tax obligations with the state of Wyoming, as well as with the IRS.
When a corporation is dissolved, it no longer legally exists and, in most cases, its debts disappear as well. State laws usually give additional time beyond the dissolution for creditors to file suits for failure to pay any corporate debts or for the wrongful distribution of corporate assets.
After a company is dissolved, it must liquidate its assets. Liquidation refers to the process of sale or auction of the company's non-cash assets.Assets used as security for loans must be given to the bank or creditor that extended the loan, or you must pay off the loan before selling such assets.
In most states, to keep a corporation active, the owners must file annual reports and income tax returns. They may have to pay annual fees as well. Failure to do these things can render the corporation inactive. A corporation may also voluntarily become inactive by ceasing to do business.
After dissolution, you cannot use the funds remaining in your business bank account for new business. LLC members no longer have the authority to conduct business or do anything that would indicate that the LLC is still active. Your bank account can cover only essential winding up affairs.
Dissolve the Legal Entity (LLC or Corporation) with the State. An LLC or Corporation needs to be officially dissolved. Pay Any Outstanding Bills. You need to satisfy any company debts before closing the business. Cancel Any Business Licenses or Permits. File Your Final Federal and State Tax Returns.
Failing to dissolve the corporation allows third parties to continue to sue the corporation as if it is still in operation. A judgment might mean that shareholders use the money received from distributed assets when the corporation closed down to satisfy judgments against the corporation.
Step 1: Corporation or LLC action. Step 2: Filing the Certificate of Dissolution with the state. Step 3: Filing federal, state, and local tax forms. Step 4: Notifying creditors your business is ending. Step 5: Settling creditors' claims.
An inactive business is a business that still exists but has no activity, which means no business transactions during a specific year.Even if the business has no income, it may still be considered active for tax purposes. There are many reasons a business may become inactive.
