What is the process for dissolution of a corporation?
Dissolving a corporation in the state of Hawaii is a process that involves submitting paperwork to the Department of Commerce and Consumer Affairs (DCCA). The first step is to prepare the Articles of Dissolution, an official document that must be approved by the majority of the corporation’s shareholders. Once the Articles of Dissolution have been signed, the form must be filed with the DCCA along with the appropriate fee. Next, the corporation must issue a Notice of Dissolution, informing its creditors and shareholders about its intention to dissolve the business. This notice must be issued at least seven days before the Articles of Dissolution are filed with the DCCA. After the Articles of Dissolution have been filed with the DCCA, the corporation must publish a Declaration of Dissolution in a newspaper of general circulation in the state. This serves as official notice to the public about the dissolution of the corporation. The process is not complete until the DCCA issues the Certificate of Dissolution. This document officially ends the corporation and preserves all legal rights of the shareholders. Once the Corporation has been dissolved, the shareholders must correctly handle the assets of the corporation, distribute any remaining property to creditors and shareholders, and file any remaining taxes and forms with the DCCA. This completes the dissolution process.
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