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Can a corporation last forever?

Because a corporation is a legal entity separate from its owners, it continues to exist even when owners die or leave the business. If the formation documents don't limit the corporation's term of existence, it will remain in existence until articles of dissolution are filed with the state.

What happens when a company is no longer a corporate entity?

Corporations issue stock to their owners and the corporation itself must file an income tax return. If the corporation ceases doing business, the owners can file paperwork to have the corporation dissolved, or they can allow the corporation to become inactive.

How do I dissolve a DBA in NY?

Voluntary dissolution is generally a two-step process: Obtaining written consent from the Tax Department1 (which will check to see if the corporation owes back taxes and if it has filed all its returns)2; and. Filing paperwork with the New York Department of State, including a Certificate of Dissolution.

How do I get rid of a DBA in NY?

A DBA is discontinued by filing the appropriate forms at the Clerk's Office. Like amendments and withdrawals, a discontinuance requires reference to the original filing and any amendments. There is no fee for filing a discontinuance.

How do I close my LLC in NY?

Voluntary dissolution is generally a two-step process: Obtaining written consent from the Tax Department1 (which will check to see if the corporation owes back taxes and if it has filed all its returns)2; and. Filing paperwork with the New York Department of State, including a Certificate of Dissolution.

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Where do I mail my NYS Certificate of Dissolution?

The completed Certificate of Dissolution, together with the required consent attached, and the statutory filing fee of $60 should be forwarded to: New York Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231.

How do I dissolve a partnership LLC in NY?

Take a Vote or Action to Dissolve In most cases, dissolution provisions in a partnership agreement will state that all or a majority of partners must consent before the partnership can dissolve. In such cases, you should have all partners vote on a resolution to dissolve the partnership.

How do I transfer a DBA in NY?

How Do I Change My DBA in New York? To make changes to your certificate of assumed name, you must complete and submit the Certificate of Amendment of Certificate of Assumed Name form. For most changes, visit the County Clerk's office to complete an amendment form and pay a filing fee.

Where do I send articles of dissolution in NY?

The completed Articles of Dissolution, together with the statutory fee of $60, should be forwarded to: New York Department of State, Division of Corporations, One Commerce Plaza, 99 Washington Avenue, Albany, NY 12231.

What does it mean if a corporation is inactive?

What is an inactive business status? When a company has an inactive business status, this means that it still exists in the eyes of the law but that it has no activity taking place. It could also mean that it has had no business transactions take place in a particular year.

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