What is Hawaii Corporation Dissolution? |
A Hawaii Corporation is created when the HI Department of Commerce and Consumer Affairs approves the Articles of Incorporation.
A record of the Hawaii Corporation is added to the list of Corporations which have officially registered with
the Hawaii Department of Commerce and Consumer Affairs.
Once a Corporation is registered with the Hawaii Department of Commerce and Consumer Affairs, that Corporation immediately has both reporting and tax
obligations which incur penalties if the obligations are not met by the required deadlines.
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A Hawaii Corporation is created when the HI Department of Commerce and Consumer Affairs approves the Articles of Incorporation.
A record of the Hawaii Corporation is added to the list of Corporations which have officially registered with
the Hawaii Department of Commerce and Consumer Affairs.
Once a Corporation is registered with the Hawaii Department of Commerce and Consumer Affairs, 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 a Hawaii Corporation with the Hawaii Department of Commerce and Consumer Affairs and want to cease business activities
you have to let the HI Department of Commerce and Consumer Affairs know that you intend to close your company.
Only after the HI Secretary of State has made sure that all of the obligations of the Hawaii Corporation have been fulfilled will
the Department of Commerce and Consumer Affairs approve of the closure of the company.
When the Hawaii Department of Commerce and Consumer Affairs approves the closing of a HI Corporation, that Hawaii Corporation is said to be
Dissolved.
The process of Dissolving a Hawaii Corporation is called Hawaii Corporation Dissolution.
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Why do I need to Dissolve a Hawaii Corporation? |
As soon as a Hawaii Corporation is registered with the HI Department of Commerce and Consumer Affairs, that Corporation is responsible for
recurring obligations of the Hawaii Department of Commerce and Consumer Affairs and the Hawaii Department of Taxation.
If the Hawaii Corporation does not file reports or pay taxes then that HI Corporation could be responsible for
penalties which go up as time goes by.
Unless you Dissolve your Hawaii Corporation with the Hawaii Department of Commerce and Consumer Affairs that HI Corporation will be responsible for
all recurring fees and penalties.
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What do I have to do to Dissolve a Hawaii Corporation? |
Hawaii Corporation Dissolution is one part of a larger process commonly called the "Winding Up" process.
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Hawaii 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 Hawaii Department of Commerce and Consumer Affairs;
and things that you have to do after the HI Department of Commerce and Consumer Affairs has approved Dissolution of the Hawaii Corporation.
What you have to do both before and after the Hawaii 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 Hawaii Corporation has.
If the Hawaii Corporation has not commenced business then the HI Corporation Dissolution process is easier.
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What do I have to do before I Dissolve a Hawaii Corporation? |
Things you need to do before you Dissolve a Hawaii Corporation.
1. Hold a Directors meeting and record a resolution to Dissolve the Hawaii Corporation
2. Hold a Shareholder meeting to approve Dissolution of the Hawaii Corporation
3. File all required Annual Reports with the Hawaii Department of Commerce and Consumer Affairs
4. Clear up any business debt
5. Pay all taxes and administrative fees owed by the Hawaii Corporation
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1. Hold a Board of Directors meeting and record a resolution to Dissolve the Hawaii Corporation
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If a Board of Directors has been appointed for the Hawaii Corporation then the Board is required to adopt a
resolution to Dissolve the HI 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 Hawaii Corporation.
- We can transcribe and compile minutes or approvals into a form that is legally recognized by the Hawaii Department of Commerce and Consumer Affairs.
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2. Hold a Shareholder meeting to approve Dissolution of the Hawaii Corporation
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If a Hawaii 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 Hawaii Corporation Dissolution process is easier.
- If necessary, we can transcribe and compile minutes into a form that is legally recognized by the Hawaii Department of Commerce and Consumer Affairs.
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3. File all required Annual Reports with the Hawaii Department of Commerce and Consumer Affairs
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The Hawaii Department of Commerce and Consumer Affairs will not approve the Dissolution of a HI Corporation until all required
reports have been filed.
- We can file any required Annual Report with the HI Department of Commerce and Consumer Affairs.
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4. Clear up any business debts
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All creditors of a Hawaii 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 Hawaii Department of Commerce and Consumer Affairs does not legally require the publication of a Notice of Dissolution of a Hawaii Corporation, publication is
a good way to notify anyone who might have a claim against the Hawaii Corporation. 
Evidence of publication might prove useful down the line if someone makes a claim against the HI Corporation after
the Hawaii Corporation has been dissolved.
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5. Pay all taxes and administrative fees owed by the Hawaii Corporation
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The Hawaii Department of Commerce and Consumer Affairs will definitely not approve the Dissolution of a Hawaii Corporation until all
outstanding taxes and applicable registration and administrative fees have been paid.
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What do I have to do after I Dissolve a Hawaii Corporation? |
Things you have to do after you Incorporate in Hawaii.
1. Distribute all remaining assets of the Hawaii Corporation
2. Close all business bank accounts of the Hawaii Corporation
3. Cancel all local business licenses and permits
4. File Form 966 with the IRS
5. Cancel the IRS account associated with the HI Corporation's Federal Tax ID (EIN)
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1. Distribute all remaining assets of the Hawaii Corporation
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If the Hawaii Corporation has any remaining assets, these may be divided according to the Shareholders' ownership interests
in the HI Corporation.
All distributions to Corporate Shareholders must be reported to the IRS.
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2. Close all business bank accounts of the Hawaii Corporation
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If there are any business accounts that have been opened for the Hawaii Corporation then those accounts must be closed.
If Corporate business accounts are left open there may be liability and obligations of the Dissolved Hawaii Corporation which could
lead to legal problems.
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3. Cancel all local business licenses and permits of the HI Corporation
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If the Hawaii 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 Hawaii Corporation.
This includes business registration licenses as well as reseller permits.
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4. File IRS Form 966
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All Dissolved Hawaii 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 Hawaii Corporation has been legally Dissolved
so that it may take the appropriate actions.
- We can prepare IRS Form 966 for you to file.
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5. Cancel the IRS account associated with the HI Corporation's Federal Tax ID (EIN)
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A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Hawaii Corporation. 
Once the IRS links an EIN to a Hawaii Corporation, that EIN stays with the Hawaii Corporation even after the Company has been Dissolved by the
Hawaii Department of Commerce and Consumer Affairs.
When the IRS processes the final tax return for the Hawaii 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 Hawaii Corporation down the line the IRS will reactivate the old EIN for your new Business.
Before a Hawaii Corporation can close an EIN account, it must be in Good Standing with the IRS.
The Hawaii Corporation must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.
The Hawaii 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.
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How long does it take to Dissolve a Hawaii Corporation? |
The time it takes to Dissolve a Hawaii 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 Hawaii Department of Commerce and Consumer Affairs usually takes around 4-8 business days to process the Articles of Dissolution.
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The time it takes to Dissolve a Hawaii 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 Hawaii Department of Commerce and Consumer Affairs usually takes around 4-8 business days to process the Articles of Dissolution.
Processing times for Hawaii Corporation Dissolution filings vary depending on the work load of the
Department of Commerce and Consumer Affairs's staff.
We've found that normal processing of Hawaii Dissolution filings takes the state around 4-8 business days.
PLEASE NOTE: WE CANNOT GUARANTEE HAWAII DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS PROCESSING TIMES.
We are dependent on, and have no control over, the staff and systems of the Hawaii Department of Commerce and Consumer Affairs .
In our experience 4-8 business days is the time it usually takes the Hawaii
Department of Commerce and Consumer Affairs to process a Hawaii Dissolution filing.
We get your Hawaii Corporation Dissolution filing to the HI Department of Commerce and Consumer Affairs ASAP.
Once it is at the state we have no control over the Hawaii Dissolution approval process.
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How much does it cost to Dissolve a Corporation in Hawaii? |
The total cost to Dissolve a Hawaii Corporation varies depending on exactly what is required for each specific
HI Dissolution.
We charge $249.00 plus any state fees for our Hawaii 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 Hawaii 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 HI Secretary of State
- Priority Mail Delivery of all documents
- Unlimited Customer Support
We also offer these Hawaii Corporation Dissolution services separately as explained on the right side of this web page.
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What do I have to do if I want to Dissolve a Foreign Corporation that is tied to a HI Domestic Corporation? |
If there are Foreign Corporations in states other than Hawaii that are tied to the Domestic Hawaii Corporation then
each of those Foreign Corporations must be Dissolved before the Hawaii Corporation is legally Dissolved.
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How long before someone can use my Corporation name in Hawaii after I Dissolve? |
A Hawaii Corporation company name becomes available for anyone to use when the Hawaii Corporation is Dissolved by the Hawaii Department of Commerce and Consumer Affairs
There are no Corporation company name protections in Hawaii once a Hawaii Corporation has been Dissolved by the Hawaii Department of Commerce and Consumer Affairs.
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Do I have to publish a Notice of Dissolution of the Hawaii Corporation? |
There are no state of Hawaii requirements for the publication of a Notice of Dissolution of a Hawaii Corporation.
While the Hawaii Department of Commerce and Consumer Affairs does not legally require the publication of a Notice of Dissolution of a Hawaii Corporation,
publication is a good way to notify anyone who might have a claim against the Hawaii Corporation. 
Evidence of publication might prove useful down the line if someone makes a claim against the HI Corporation after
the Hawaii Corporation has been dissolved.
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