What is the process for winding up a company voluntarily?

In Arizona, when a company wishes to voluntarily wind up its business, it must go through a legal process in order to do so. This process is known as voluntary dissolution and is governed by the Arizona Revised Statutes (ARS). The first step in the process is for the company to adopt and file Articles of Dissolution with the Arizona Corporation Commission. The Articles of Dissolution must include the name of the company, the date the company adopted the resolution of dissolution, and the specific statute allowing the dissolution. Next, the company must pay all outstanding debts and taxes, provide notice to creditors, and settle any legal claims. The company must also provide notice to any employees that they will be laid off due to the winding up of the business. The company must then distribute its assets to its shareholders in accordance with its governing documents. The company should also file any required federal, state, and local tax returns and make any final tax payments. Finally, the company must provide a Certificate of Dissolution by filing a Certificate of Dissolution with the Arizona Corporation Commission. This certificate states that all proceedings related to the dissolution of the company have been completed and that the company is no longer in business. Once all of the steps have been completed, the company is officially dissolved and is no longer legally required to do business in Arizona.

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What is the process for winding up a company voluntarily?

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