What is the process for voluntary corporate dissolution?
Voluntary corporate dissolution is the process of an active corporation ending its business operations in Delaware. This is typically done when a company no longer wishes to continue their business. Voluntary dissolution follows a number of steps in Delaware: 1. The corporation must file a Certificate of Dissolution with the office of the Delaware Secretary of State. This certificate must include the name of the corporation, the date of its incorporation, a statement that all pending litigation involving the corporation is concluded, and the consent of the shareholders of the corporation. 2. Once the Certificate of Dissolution is accepted, the corporation must settle any remaining unpaid liabilities and distribute the remaining assets to creditors and shareholders. 3. After the dissolution is complete, the corporation must file a final Delaware State Corporation income tax return. 4. The corporation must also file a final Delaware Franchise Tax Report with the Delaware Division of Corporations. 5. The corporation must then dissolve its bank accounts and cancel any business licenses that it has. 6. Finally, the corporation must file a “Notice of Dissolution” with its local newspaper or other publication notifying the public that the corporation is dissolving and that creditors may file a claim against the company within a certain time period. Therefore, voluntary corporate dissolution is a lengthy process that must be carried out in order to officially dissolve a corporation located in Delaware. It is important to know the specific procedures that must be followed in order to successfully dissolve a corporation in Delaware.
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