What is Arkansas Corporation Dissolution? |
|
An Arkansas Corporation is created when the AR Secretary of State approves the Articles of Incorporation.
A record of the Arkansas Corporation is added to the list of Corporations which have officially registered with
the Arkansas Secretary of State.
Once a Corporation is registered with the Arkansas Secretary of State, that Corporation immediately has both reporting and tax
obligations which incur penalties if the obligations are not met by the required deadlines.
more...
|
less...
An Arkansas Corporation is created when the AR Secretary of State approves the Articles of Incorporation.
A record of the Arkansas Corporation is added to the list of Corporations which have officially registered with
the Arkansas Secretary of State.
Once a Corporation is registered with the Arkansas Secretary of State, that Corporation immediately has both reporting and tax
obligations which incur penalties if the obligations are not met by the required deadlines.
If you've registered an Arkansas Corporation with the Arkansas Secretary of State and want to cease business activities
you have to let the AR Secretary of State know that you intend to close your company.
Only after the AR Secretary of State has made sure that all of the obligations of the Arkansas Corporation have been fulfilled will
the Secretary of State approve of the closure of the company.
When the Arkansas Secretary of State approves the closing of an AR Corporation, that Arkansas Corporation is said to be
Dissolved.
The process of Dissolving an Arkansas Corporation is called Arkansas Corporation Dissolution.
The Arkansas Secretary of State does not require that an Arkansas Corporation obtain tax clearance from the Arkansas Department of Revenue before allowing the AR Corporation to file Articles of Dissolution.
However, the AR Corporation must have filled all required Annual Reports with the Arkansas Secretary of State and must have filed a Final Franchise Tax Report with the Arkansas Department of Revenue before filing for Dissolution with the AR Secretary of State.
|
Why do I need to Dissolve an Arkansas Corporation? |
As soon as an Arkansas Corporation is registered with the AR Secretary of State, that Corporation is responsible for
recurring obligations of the Arkansas Secretary of State and the Arkansas Department of Finance and Administration.
If the Arkansas Corporation does not file reports or pay taxes then that AR Corporation could be responsible for
penalties which go up as time goes by.
Unless you Dissolve your Arkansas Corporation with the Arkansas Secretary of State that AR Corporation will be responsible for
all recurring fees and penalties.
|
What do I have to do to Dissolve an Arkansas Corporation? |
|
Arkansas Corporation Dissolution is one part of a larger process commonly called the "Winding Up" process.
more...
|
less...
Arkansas Corporation Dissolution is one part of a larger process commonly called the "Winding Up" process.
There are things you need to do before you can request approval of Corporation Dissolution from the Arkansas Secretary of State;
and things that you have to do after the AR Secretary of State has approved Dissolution of the Arkansas Corporation.
What you have to do both before and after the Arkansas Corporation is Dissolved largely depends on how much stock, if any, has been
issued and how much and what kind of debts and liabilities that the Arkansas Corporation has.
If the Arkansas Corporation has not commenced business then the AR Corporation Dissolution process is easier.
|
What do I have to do before I Dissolve an Arkansas Corporation? |
Things you need to do before you Dissolve an Arkansas Corporation.
1. Hold a Directors meeting and record a resolution to Dissolve the Arkansas Corporation
2. Hold a Shareholder meeting to approve Dissolution of the Arkansas Corporation
3. File all required Annual Franchise Tax Reports with the Arkansas Secretary of State
4. Clear up any business debt
5. Pay all taxes and administrative fees owed by the Arkansas Corporation
more...
|
less...
|
|
1. Hold a Board of Directors meeting and record a resolution to Dissolve the Arkansas Corporation
|
If a Board of Directors has been appointed for the Arkansas Corporation then the Board is required to adopt a
resolution to Dissolve the AR Corporation.
Minutes of the meeting must be recorded and retained in the business records.
If the Board of Direcrtors has not been appointed then the Incorporator(s) have to apply for Dissolution of the Arkansas Corporation.
- We can transcribe and compile minutes or approvals into a form that is legally recognized by the Arkansas Secretary of State.
|
|
2. Hold a Shareholder meeting to approve Dissolution of the Arkansas Corporation
|
If an Arkansas Corporation has issued shares of stock then a majority of Corporate Shareholders must approve the Dissolution plan.
The approval actions should be documented and kept in the business records.
If no shares have been issued then the Arkansas Corporation Dissolution process is easier.
- If necessary, we can transcribe and compile minutes into a form that is legally recognized by the Arkansas Secretary of State.
|
|
3. File all required Annual Franchise Tax Reports with the Arkansas Secretary of State
|
The Arkansas Secretary of State will not approve the Dissolution of a AR Corporation until all required
reports have been filed.
- We can file any required Annual Franchise Tax Report with the AR Secretary of State.
|
|
4. Clear up any business debts
|
All creditors of an Arkansas Corporation should be given notice of the pending Corporation Dissolution.
Each creditor should be given a mailing address to which they may submit claims as well as a deadline by which claims may
be submitted.
While the Arkansas Secretary of State does not legally require the publication of a Notice of Dissolution of an Arkansas Corporation, publication is
a good way to notify anyone who might have a claim against the Arkansas Corporation.
Evidence of publication might prove useful down the line if someone makes a claim against the AR Corporation after
the Arkansas Corporation has been dissolved.
|
|
5. Pay all taxes and administrative fees owed by the Arkansas Corporation
|
|
The Arkansas Secretary of State will definitely not approve the Dissolution of an Arkansas Corporation until all
outstanding taxes and applicable registration and administrative fees have been paid.
|
less...
|
|
What do I have to do after I Dissolve an Arkansas Corporation? |
Things you have to do after you Incorporate in Arkansas.
1. Distribute all remaining assets of the Arkansas Corporation
2. Close all business bank accounts of the Arkansas Corporation
3. Cancel all local business licenses and permits
4. File Form 966 with the IRS
5. Cancel the IRS account associated with the AR Corporation's Federal Tax ID (EIN)
more...
|
less...
|
|
1. Distribute all remaining assets of the Arkansas Corporation
|
|
If the Arkansas Corporation has any remaining assets, these may be divided according to the Shareholders' ownership interests
in the AR Corporation.
All distributions to Corporate Shareholders must be reported to the IRS.
|
|
2. Close all business bank accounts of the Arkansas Corporation
|
|
If there are any business accounts that have been opened for the Arkansas Corporation then those accounts must be closed.
If Corporate business accounts are left open there may be liability and obligations of the Dissolved Arkansas Corporation which could
lead to legal problems.
|
|
3. Cancel all local business licenses and permits of the AR Corporation
|
|
If the Arkansas Corporation has obtained any state, regional, county or city business licenses or permits, each
of those must be cancelled to avoid any reporting or fiscal obligations of the Arkansas Corporation.
This includes business registration licenses as well as reseller permits.
|
|
4. File IRS Form 966
|
All Dissolved Arkansas Corporations must file IRS Form 966 with the US Internal Revenue Service.
This filing is required within 30 days after the final Dissolution plan is approved.
Filing IRS Form 966 lets the Federal Government know that the Arkansas Corporation has been legally Dissolved
so that it may take the appropriate actions.
- We can prepare IRS Form 966 for you to file.
|
|
5. Cancel the IRS account associated with the AR Corporation's Federal Tax ID (EIN)
|
A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Arkansas Corporation.
Once the IRS links an EIN to a Arkansas Corporation, that EIN stays with the Arkansas Corporation even after the Company has been Dissolved by the
Arkansas Secretary of State.
When the IRS processes the final tax return for the Arkansas Corporation, they automatically make the EIN inactive.
However, the account associated with the EIN is not automatically closed.
Closing the account associated with the EIN lessens the likelihood of any problems with the EIN account, or with the IRS, in the future.
If you should decide to revivie the Arkansas Corporation down the line the IRS will reactivate the old EIN for your new Business.
Before an Arkansas Corporation can close an EIN account, it must be in Good Standing with the IRS.
The Arkansas Corporation must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.
The Arkansas Corporation cannot close its EIN account until the IRS has received payment for any tax amounts the Company may owe.
- We can prepare the formal documents which you can sign and submit to the IRS in order to close the account
associated with your EIN.
|
|
How long does it take to Dissolve an Arkansas Corporation? |
The time it takes to Dissolve an Arkansas Corporation varies depending on how long it takes to complete the actions that are
required in each specific case - holding meetings, closing accounts, distributing assets, etc.
Once the initial actions are completed, the Arkansas Secretary of State usually takes around 3-5 business days to process the Articles of Dissolution.
more...
|
less...
|
The time it takes to Dissolve an Arkansas Corporation varies depending on how long it takes to complete the actions that are
required in each specific case - holding meetings, closing accounts, distributing assets, etc.
Once the initial actions are completed, the Arkansas Secretary of State usually takes around 3-5 business days to process the Articles of Dissolution.
Processing times for Arkansas Corporation Dissolution filings vary depending on the work load of the
Secretary of State's staff.
We've found that normal processing of Arkansas Dissolution filings takes the state around 3-5 business days.
PLEASE NOTE: WE CANNOT GUARANTEE ARKANSAS SECRETARY OF STATE PROCESSING TIMES.
We are dependent on, and have no control over, the staff and systems of the Arkansas Secretary of State .
In our experience 3-5 business days is the time it usually takes the Arkansas
Secretary of State to process an Arkansas Dissolution filing.
We get your Arkansas Corporation Dissolution filing to the AR Secretary of State ASAP.
Once it is at the state we have no control over the Arkansas Dissolution approval process.
|
|
How much does it cost to Dissolve a Corporation in Arkansas? |
The total cost to Dissolve an Arkansas Corporation varies depending on exactly what is required for each specific
AR Dissolution.
We charge $249.00 plus any state fees for our Arkansas Corporation Dissolution services. This includes:
- Same day processing
- Transcribe minutes of Board of Directors meeting which proposes Dissolution
- Transcribe minutes of Shareholders meeting at which Dissolution was approved
- Prepare and file Articles of Dissolution with the Arkansas Secretary of State
- Prepare US IRS Form 966 for you to sign and file
- Prepare documents to cancel Federal EIN account
- Certified copy of Dissolution filing from AR Secretary of State
- Priority Mail Delivery of all documents
- Unlimited Customer Support
We also offer these Arkansas Corporation Dissolution services separately as explained on the right side of this web page.
|
What do I have to do if I want to Dissolve a Foreign Corporation that is tied to an AR Domestic Corporation? |
|
If there are Foreign Corporations in states other than Arkansas that are tied to the Domestic Arkansas Corporation then
each of those Foreign Corporations must be Dissolved before the Arkansas Corporation is legally Dissolved.
|
How long before someone can use my Corporation name in Arkansas after I Dissolve? |
|
An Arkansas Corporation company name becomes available for anyone to use when the Arkansas Corporation is Dissolved by the Arkansas Secretary of State.
There are no Corporation company name protections in Arkansas once an Arkansas Corporation has been Dissolved by the Arkansas Secretary of State.
|
Do I have to publish a Notice of Dissolution of the Arkansas Corporation? |
There are no state of Arkansas requirements for the publication of a Notice of Dissolution of an Arkansas Corporation.
While the Arkansas Secretary of State does not legally require the publication of a Notice of Dissolution of an Arkansas Corporation,
publication is a good way to notify anyone who might have a claim against the Arkansas Corporation.
Evidence of publication might prove useful down the line if someone makes a claim against the AR Corporation after
the Arkansas Corporation has been dissolved.
|