What is the process for corporate dissolution?
In Washington State, the process for corporate dissolution is similar to other states. When a corporation decides to dissolve voluntarily, it is the responsibility of the directors or shareholders to start the process. First, the directors must declare that the corporation is to be dissolved by passing a resolution or unanimous consent to dissolve the corporation. The directors must then file a Statement of Dissolution with The Washington Secretary of State. This document includes the name of the corporation, the date the dissolution resolution was passed, the address of the corporation, and any other information the Secretary of State may require. Once the Statement of Dissolution is filed, the corporation must satisfy all of its liabilities. This includes filing any required tax returns, paying all creditors and employees, and distributing any remaining assets. Once the dissolving corporation has satisfied all of its liabilities, it can file a Certificate of Dissolution with the Secretary of State. The certificate verifies that the corporation has completed the dissolution process and has made all necessary payments. After the Certificate of Dissolution is filed, the corporation is legally dissolved and will be removed from the Secretary of State business registration database. The process for corporate dissolution in Washington State can take several months to complete.
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