Clean name in the Plan of Dissolution

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How to Clean name in the Plan of Dissolution

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hey there youtube so in this video i wanted to cover the irs form 966 this is the form for corporate dissolutions or liquidations so if you have a us corporation so this is a lets say a regular corporation for-profit corporation informed under state law or if you have an llc that filed an election to be taxed as a c-corp if you close down that entity you will need to file this form 966 within 30 days after you adopt a plan or resolution to close down the company so i want to run through the form the various elements and the things you need to include with it just to make sure youre doing this as correctly as possible so the top of the form is relatively straightforward right we have the name of the corporation uh here obviously ive got a company delaware company inc not a real business so dont use this uh the mailing address for the company the ein for the company and the type of return were filing right so this is a standard c corp return so 1120 if you have an s corporation th

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Can you reuse the name of a dissolved company?

If its dissolved you can more than likely use the name, but if the business is inactive the state may not let you use the name. Many states have a waiting period before inactive or dissolved companies names can be used by others, as inactive businesses do have a time period to reactivate.

What are the three ways of dissolution?

There are three causes of dissolution: (1) by act of the partnerssome dissociations do trigger dissolution; (2) by operation of law; or (3) by court order.

Can you use the name of a business that has been dissolved?

Because dissolved companies dont have a legal existence, you can reuse the name for your own company. The dissolved company and the new company will be separate legal entities, with none of the previous transactions transferred from the dissolved company to the new one.

What happens after a business is dissolved?

After a company is dissolved, it must liquidate its assets. Liquidation refers to the process of sale or auction of the companys non-cash assets. Note that only those assets your company owns can be liquidated. Thus, you cant liquidate assets that are used as collateral for loans.

What does dissolved name mean?

Dissolved companies are companies that have been struck off the register and are no longer in existence. This means that a dissolved company name can be registered by a new or existing company.

Can you reuse business names?

Generally, as long as no one else in your state is using that business name, you can call your company whatever you like. Names are doled out on a first-come, first-served basis.

What does dissolution status mean?

Status dissolved companies have been formally closed down. Not only does that mean it no longer operates, but there are also other matters that need attending to. All assets and liabilities must be addressed, similar to the process of settling the estate of someone who has passed away.

Is a dissolved company still have trademark rights?

When a company forms and grows, it acquires property, including intellectual property. Upon dissolution, this property needs to go somewhere. The company no longer exists, so a new owner needs to take over the rights.

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