What is the process for voluntary corporate dissolution?

Voluntary corporate dissolution is a process by which a corporation legally shuts itself down. In South Carolina, the process begins with submitting Articles of Dissolution to the South Carolina Secretary of State. These documents will include the corporate name, the purpose of the dissolution, the name and address of the registered agent, and the name and signature of the incorporator or board of directors. Once this document is received, the Secretary of State will issue a Certificate of Dissolution. At this point, the corporation must liquidate its assets and distribute the proceeds to creditors and shareholders. This may involve closing bank accounts, transferring real estate, and selling other assets, such as stocks or securities. It may also involve paying off outstanding debts. After liquidation is complete, the corporation will file a final tax return and obtain waivers from creditors and the IRS, if necessary. The next step is to file a final report with the Secretary of State. This document will outline the assets that have been liquidated, the debts that have been paid, and the date of dissolution. After the report is filed, the corporation will officially be dissolved. All legal documents from the Secretary of State should be kept on file in case they are needed in the future.

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What is the process for voluntary corporate dissolution?

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