Legal Forms for Dissolving a Corporation

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Commonly Asked Questions about Legal Forms for Dissolving a Corporation

What is federal form 2553?

A corporation or other entity eligible to be treated as a corporation files this form to make an election under section 1362(a) to be an S corporation.

What are the two types of dissolution of a corporation?

There are two different types of dissolution depending on the reason for initiating the process: voluntary dissolution and involuntary dissolution. Voluntary dissolution is the most common form of ending a business and is brought about but a choice by the ownership of the corporation.

What is the federal form for dissolving corporations?

Finalizing the winding down process: Filing Form 966 is an essential step in formally closing down a corporation. By submitting this form, the corporation notifies the IRS about its intention to dissolve or liquidate, allowing for the finalization of the winding down process.

What is the first step that must be taken to terminate a corporation?

The first step to closing up shop is receiving shareholder approval to formally close the corporation. The board of directors should adopt a resolution to dissolve the corporation and receive approval for the action.

Do I need to file form 966 to dissolve an S Corp?

A corporation (or a farmers cooperative) must file Form 966 if it adopts a resolution or plan to dissolve the corporation or liquidate any of its stock. Exempt organizations and qualified subchapter S subsidiaries should not file Form 966.

Can you electronically file form 966?

You can mail or electronically file Form 966. You must register for an account on the IRS website in order to submit online. If filing by mail, the corporation must mail its completed form to the IRS Service Center along with its income tax return.

How to dissolve a corporation with the IRS?

When and Where To File. File Form 966 within 30 days after the resolution or plan is adopted to dissolve the corporation or liquidate any of its stock. If the resolution or plan is amended or supplemented after Form 966 is filed, file another Form 966 within 30 days after the amendment or supplement is adopted.