If your nonprofit is no longer able to function or carry out its objective, you may need to dissolve it. This can be a difficult procedure in New Jersey. The procedures you must follow to dissolve your nonprofit in New Jersey are outlined in this article, along with some relevant questions. A plan of dissolution is what, exactly?
A plan of dissolution must be made before your nonprofit in New Jersey can be dissolved. The distribution of any remaining assets, payment of any outstanding debts or obligations, and closure of any accounts or contracts should all be covered by this plan. A statement of purpose that explains why your organization is dissolving should also be included in the strategy.
Your board of directors must accept the plan of dissolution before it can be submitted to the New Jersey Division of Revenue and Enterprise Services (DORES). Through the DORES website, the plan of dissolution can be submitted online. How to End a Nonprofit in New Jersey
2. Inform the State: Following the board’s approval of the plan of dissolution, you must file it with the New Jersey Division of Revenue and Enterprise Services (DORES). Through the DORES website, the plan of dissolution can be submitted online. Additionally, you will have to submit the required papers to the IRS and any other state or federal organizations where your nonprofit has registered.
4. Wind Down Your Operations: You must end your operations after notifying your stakeholders. Closing bank accounts, paying out any existing debts, and transferring any residual assets to other nonprofit organizations are a few examples of what this may entail.
You can dissolve your New Jersey Limited Liability Company (LLC) online by visiting the DORES website, which is run by the state’s Division of Revenue and Enterprise Services. You must provide the required documentation and pay any dissolution-related fees.
In order to close your firm as a sole proprietor in New Jersey, you must cancel your registration with the state’s Division of Revenue and Enterprise Services (DORES). Through the DORES website, you can complete this online. Additionally, you must revoke any licenses or permissions that your company may have previously possessed.