What is the process for dissolution of a corporation?
Dissolution of a corporation is the process of legally ending the existence of the corporation. In Oklahoma, the process for dissolution of a corporation is governed by state law. Generally, the process involves filing paperwork with the Oklahoma Secretary of State, including a written statement of dissolution that details the name of the corporation, the date of its formation, and the date of dissolution. The written statement of dissolution must be signed by a majority of the members of the corporation. After the dissolution paperwork is filed with the Oklahoma Secretary of State, the corporation must wind up its affairs. This includes obtaining releases from creditors, paying any outstanding debts, and distributing any remaining assets to shareholders. Once the corporation has wound up its affairs, it must file a Certificate of Dissolution with the Oklahoma Secretary of State. This certificate must contain the name of the corporation and must be signed by a majority of the members of the corporation. After the Certificate of Dissolution is filed, the corporation is officially dissolved. Although the process for dissolution of a corporation is relatively straightforward, it is important to review state law and consult with an attorney if necessary to ensure that all necessary steps are taken to properly dissolve the corporation. Furthermore, if the corporation has any assets, it may be beneficial to consult with an accountant to ensure that all taxes are paid and all accounts are in order.
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