How A Corporate Lawyer Can Help Companies Dissolve
Your corporation may no longer be able to stay running, whether it's because of lost interests or inadequate revenue. Either way, dissolving a corporation is a pretty big endeavor and certainly should be aided by a corporate lawyer. They'll help you accomplish a couple of things throughout this process.
Make Sure Voting Is Done Correctly
Before you can just dissolve a corporation, you have to hold a vote with members of the board and shareholders. The voting process has to be done a certain way in order for this corporation dissolve process to be legitimate and truly count in the eyes of the government.
You can have help making sure voting is carried out in an ethical, legal way by hiring a corporate lawyer. They know how this voting is supposed to be held and know how many votes are required for this dissolution to pass. If it does, they can make sure records are created that document how the voting went down.
Notify Relevant Parties
Once a vote to dissolve a corporation passes, certain parties need to be made aware so that you aren't penalized moving forward. It helps to let a corporate lawyer handle this aspect because they can save you a lot of time and steps.
They'll contact a couple of important parties, including the IRS and Secretary of State in your state. A corporate lawyer will file the correct paperwork and inform each one of these parties in a timely manner so that everyone previously involved in the corporation can move on to the next chapter.
Close Down the Appropriate Accounts
You may have a lot of accounts opened up in your corporation's name. For example, there may be business accounts. These need to be closed down since the corporation is no longer going to exist. Again, a corporate lawyer can take control of this step.
They can track down all relevant accounts and go through the appropriate steps for closure. This way, you don't miss a step or forget an account and then have problems dividing assets at a later date. Account closures will be one of the last steps a corporate lawyer can assist with.
Dissolving a corporation may be a hard decision, but it may be necessary in order to move on. A corporate lawyer is the perfect professional to assist in this dissolution. They know what to do and how it can go a lot more smoothly.
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