What support does Gust Launch provide for dissolving and closing a corporation?
We believe that the greatest successes come from having the freedom to fail. Because of this, we not only make it easy to start a company but also help to wind it down. This typically involves a series of legal, tax and financial steps:
- Calling a board meeting to approve the dissolution and create a plan of liquidation (DGCL § 275)
- Shareholder approval of the dissolution and the plan of liquidation
- File a Certificate of Dissolution with the State of Delaware
- Keep a record of all your corporate legal documents
- Withdrawal or surrender of any foreign qualifications to do business and other business licenses (cost varies by state)
You can file your Certificate of Dissolution through Gust Launch as part of your subscription, and work with your lawyer to create a plan of liquidation and dissolution. We’ll also help facilitate the foreign qualification withdrawals, though any fees charged by the states will be billed separately.
Tax & Financial step s
- Filing final federal and state tax documents
- Pay any outstanding franchise taxes in DE
- Collect any outstanding accounts receivables
- Sell any remaining inventory and assets (if applicable)
- Notify creditors that the corporation has dissolved (DGCL §280)
- Settle any creditor claims
- Notify customers and business partners (if any)
- Close business accounts (bank accounts, credit cards, etc.)
- Distribute remaining assets (if any) to shareholders
These steps are best handled with support from your accountant to ensure a clean winding down of your business, which you may already have as part of your Gust Launch subscription.
Last updated on October 24, 2017