Dissolving a Nevada Corporation: All You Need to Know

There are a few procedures you must follow in order to dissolve a Nevada corporation that you own. When a corporation is dissolved, its status as a legal person is terminated. A corporation may be dissolved for a number of reasons, including a merger with another business, insolvency, or simply shutting down operations. We will go through how to dissolve a Nevada corporation, how much it costs, and how long it takes in this article. Furthermore, we will discuss what a Nevada shut corporation is as well as how to cancel your business license. How to Dissolve a Nevada Corporation in Six Easy Steps

A Nevada corporation must be dissolved by taking the following actions: Holding a board meeting and adopting a resolution to dissolve the organization are the first two steps. The resolution requires the support of all board members. 2. Submit Articles of Dissolution: The Nevada Secretary of State must receive your Articles of Dissolution. The articles can be submitted by mail or online. The name of the corporation, the date of dissolution, and the cause of dissolution must all be included in the articles. 3. Notify creditors and shareholders: You are required to inform the corporation’s creditors and shareholders of its dissolution. 4. Pay off debts and taxes: You must make sure that all debts and taxes have been settled before dissolving the corporation. After paying off the debts, any remaining funds must be divided among the shareholders. The Price and Duration of Dissolving a Nevada Corporation Articles of Dissolution need a $100 filing fee. You can pay an extra $125 if you require fast processing. Regular filing takes about 3-5 business days to process, whereas expedited filing takes about 24 hours. Cancelling Your Nevada Business License

You must file the Articles of Dissolution with the Nevada Secretary of State in order to revoke your business license there. Additionally, you need to revoke your business license with the Employment Security Division and the Department of Taxation.

A Nevada close corporation is a specific kind of corporation with a small number of owners and no stock market listing. It is also referred to as a private corporation or a closely owned firm. Compared to corporations that are publicly traded, the shareholders of a close business have more influence over the company’s operations. Small or family-owned enterprises frequently use a tight company.

Following a few simple procedures is all that is needed to dissolve a Nevada corporation. To dissolve a corporation, you must call a board meeting, adopt a resolution, submit the Articles of Dissolution to the Nevada Secretary of State, inform shareholders and creditors, and settle any outstanding bills and taxes. Articles of Dissolution require three to five business days to process, and there is a $100 filing fee. Additionally, you need to revoke your business license with the Employment Security Division and the Department of Taxation. A Nevada close corporation is a specific kind of corporation with a small number of owners and no stock market listing.