Corporate Law Question about going out of business

[craigh]

I have an S Corp and I want to shut down the business. What are the proper prcedures? I am based in New York City.

Thanks for the help.

 

[Michael Wechsler]

Originally posted by craigh
I have an S Corp and I want to shut down the business. What are the proper prcedures? I am based in New York City.

In many instances, such as in DE, people let the corporation lapse into dissolution. The following is from the NY Department of State web site -- dissolution costs $60.

http://www.dos.state.ny.us/corp/buscorp.html

Certificate of Dissolution
Domestic Corporations

A business corporation may be voluntarily dissolved by filing a Certificate of Dissolution pursuant to Section 1003 of the Business Corporation Law. The Department of State has developed a packet to make the filing of a Certificate of Dissolution as easy as possible. This packet includes key steps in the voluntary dissolution process and a Certificate of Dissolution form with instructions for completion.

The Certificate of Dissolution requires the consent of the State Tax Commission. The telephone number, fax number, and address where you can call or write to request the consent is as follows:


Telephone number - 1-800-327-9688
Fax number - (518) 457-8124
New York State Tax Department
Corporation Tax Dissolution Unit
Building 8, Room 358
W. A. Harriman Campus
Albany, NY 12227

Upon receipt of the consent of the State Tax Commission, two copies of the consent, the Certificate of Dissolution, and the statutory filing fee of $60 should be forwarded to the New York State Department of State, Division of Corporations, 41 State Street, Albany, NY 12231.