How to Dissolve a Corporation in Idaho (How to legally Close an Idaho Business)
IDAHO BUSINESS SERVICES CORPORATION Incorporate in Idaho Idaho Professional Corporation Idaho Nonprofit Corporation ID Corporation Foreign Qualification Idaho Corporation Annual Report Idaho Corporation Dissolution LLC Form a LLC in Idaho ID LLC Foreign Qualification Idaho LLC Annual Report Idaho LLC Dissolution OTHER IDAHO BUSINESS SERVICES Idaho Good Standing Certificate Idaho Apostille Idaho DBA Name Idaho Registered Agent ID Corporation Kit and Seal Idaho Certified Copies ID Business Reinstatement ID Company Name Reservation ID Tax Status Compliance Certificate ID Attorney Good Standing Certificate Idaho Property Deed ID Employer Requirements QUICK ENTRY FORMS Idaho Incorporation Idaho LLC ID Professional Corporation ID Nonprofit Corporation ID Foreign Corporation ID Foreign LLC ID LLC Dissolution ID Corporation Dissolution CORPORATE GLOSSARY   Administrative Dissolution Agent for Service of Process Apostille Apportionment Articles of Incorporation Articles of Organization Assumed Name At Will LLC Authorized Shares B Corporation Benefit Corporation Board of Directors Business Dissolution Business Entity Bylaws Certificate of Existence Certificate of Status Certified Copy Close Corporation Common Stock Conversion Corporate Bylaws Corporate Name Reservation Corporate Stock DBA Disregarded Entity Dividends ESOP Excise Tax Federal Tax ID Ficticious Name Foreign Qualification Franchise Tax General Partnership Good Standing Certificate Incorporator Involuntary Dissolution IRS Form 966 ITIN Limited Liability Company Limited Partnership Liquidation LLC LP Majority Shareholder Meetings Merger Nexus Non-Stock Corporation Nonprofit Corporation Obligated Member LLC Organizer Paid-in Capital Paid-in Surplus Par Value Personal Service Corporation Preferred Stock Privilege Tax Professional Corporation Professional Service Proxy Registered Agent Registered Office Reporting Requirements Revocation S Corporation Series LLC Service Mark Shareholder Sole Proprietor Stated Capital Statutory Agent Stock Certificate Term LLC Trade Name Trademark Trust Trustee Winding Up	What is Idaho Corporation Dissolution? An Idaho Corporation is created when the ID Secretary of State approves the Articles of Incorporation. A record of the Idaho Corporation is added to the list of Corporations which have officially registered with the Idaho Secretary of State.  Once a Corporation is registered with the Idaho 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 Idaho Corporation is created when the ID Secretary of State approves the Articles of Incorporation. A record of the Idaho Corporation is added to the list of Corporations which have officially registered with the Idaho Secretary of State.  Once a Corporation is registered with the Idaho 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 Idaho Corporation with the Idaho Secretary of State and want to cease business activities you have to let the ID Secretary of State know that you intend to close your company.  Only after the ID Secretary of State has made sure that all of the obligations of the Idaho Corporation have been fulfilled will the Secretary of State approve of the closure of the company. When the Idaho Secretary of State approves the closing of an ID Corporation, that Idaho Corporation is said to be Dissolved.   The process of Dissolving an Idaho Corporation is called Idaho Corporation Dissolution. Why do I need to Dissolve an Idaho Corporation? As soon as an Idaho Corporation is registered with the ID Secretary of State, that Corporation is responsible for recurring obligations of the Idaho Secretary of State and the Idaho Idaho Tax Commission.  If the Idaho Corporation does not file reports or pay taxes then that ID Corporation could be responsible for penalties which go up as time goes by. Unless you Dissolve your Idaho Corporation with the Idaho Secretary of State that ID Corporation will be responsible for all recurring fees and penalties. What do I have to do to Dissolve an Idaho Corporation? Idaho Corporation Dissolution is one part of a larger process commonly called the "Winding Up" process.   more... less... Idaho 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 Idaho Secretary of State; and things that you have to do after the ID Secretary of State has approved Dissolution of the Idaho Corporation.  What you have to do both before and after the Idaho 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 Idaho Corporation has.  If the Idaho Corporation has not commenced business then the ID Corporation Dissolution process is easier. What do I have to do before I Dissolve an Idaho Corporation? Things you need to do before you Dissolve an Idaho Corporation.   1. Hold a Directors meeting and record a resolution to Dissolve the Idaho Corporation   2. Hold a Shareholder meeting to approve Dissolution of the Idaho Corporation   3. File all required Annual Reports with the Idaho Secretary of State   4. Clear up any business debt   5. Pay all taxes and administrative fees owed by the Idaho Corporation more... less... 1. Hold a Board of Directors meeting and record a resolution to Dissolve the Idaho Corporation If a Board of Directors has been appointed for the Idaho Corporation then the Board is required to adopt a resolution to Dissolve the ID 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 Idaho Corporation. We can transcribe and compile minutes or approvals into a form that is legally recognized by the Idaho Secretary of State. 2. Hold a Shareholder meeting to approve Dissolution of the Idaho Corporation If an Idaho 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 Idaho Corporation Dissolution process is easier. If necessary, we can transcribe and compile minutes into a form that is legally recognized by the Idaho Secretary of State. 3. File all required Annual Reports with the Idaho Secretary of State The Idaho Secretary of State will not approve the Dissolution of a ID Corporation until all required reports have been filed. We can file any required Annual Report with the ID Secretary of State. 4. Clear up any business debts All creditors of an Idaho 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 Idaho Secretary of State does not legally require the publication of a Notice of Dissolution of an Idaho Corporation, publication is a good way to notify anyone who might have a claim against the Idaho Corporation.  Evidence of publication might prove useful down the line if someone makes a claim against the ID Corporation after the Idaho Corporation has been dissolved. 5. Pay all taxes and administrative fees owed by the Idaho Corporation The Idaho Secretary of State will definitely not approve the Dissolution of an Idaho 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 Idaho Corporation? Things you have to do after you Incorporate in Idaho.   1. Distribute all remaining assets of the Idaho Corporation   2. Close all business bank accounts of the Idaho Corporation   3. Cancel all local business licenses and permits   4. File Form 966 with the IRS   5. Cancel the IRS account associated with the ID Corporation's Federal Tax ID (EIN) more... less... 1. Distribute all remaining assets of the Idaho Corporation If the Idaho Corporation has any remaining assets, these may be divided according to the Shareholders' ownership interests in the ID Corporation. All distributions to Corporate Shareholders must be reported to the IRS. 2. Close all business bank accounts of the Idaho Corporation If there are any business accounts that have been opened for the Idaho Corporation then those accounts must be closed. If Corporate business accounts are left open there may be liability and obligations of the Dissolved Idaho Corporation which could lead to legal problems. 3. Cancel all local business licenses and permits of the ID Corporation If the Idaho 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 Idaho Corporation. This includes business registration licenses as well as reseller permits. 4. File IRS Form 966 All Dissolved Idaho 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 Idaho 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 ID Corporation's Federal Tax ID (EIN) A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Idaho Corporation.  Once the IRS links an EIN to a Idaho Corporation, that EIN stays with the Idaho Corporation even after the Company has been Dissolved by the Idaho Secretary of State. When the IRS processes the final tax return for the Idaho 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 Idaho Corporation down the line the IRS will reactivate the old EIN for your new Business. Before an Idaho Corporation can close an EIN account, it must be in Good Standing with the IRS.  The Idaho Corporation must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.  The Idaho 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 Idaho Corporation? The time it takes to Dissolve an Idaho 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 Idaho Secretary of State usually takes around 5-7 business days to process the Articles of Dissolution.    more... less... The time it takes to Dissolve an Idaho 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 Idaho Secretary of State usually takes around 5-7 business days to process the Articles of Dissolution. Processing times for Idaho Corporation Dissolution filings vary depending on the work load of the Secretary of State's staff.  We've found that normal processing of Idaho Dissolution filings takes the state around 5-7 business days. PLEASE NOTE: WE CANNOT GUARANTEE IDAHO SECRETARY OF STATE PROCESSING TIMES. We are dependent on, and have no control over, the staff and systems of the Idaho Secretary of State . In our experience 5-7 business days is the time it usually takes the Idaho Secretary of State to process an Idaho Dissolution filing. We get your Idaho Corporation Dissolution filing to the ID Secretary of State ASAP. Once it is at the state we have no control over the Idaho Dissolution approval process. How much does it cost to Dissolve a Corporation in Idaho? The total cost to Dissolve an Idaho Corporation varies depending on exactly what is required for each specific ID Dissolution. We charge $249.00 plus any state fees for our Idaho 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 Idaho 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 ID Secretary of State Priority Mail Delivery of all documents Unlimited Customer Support We also offer these Idaho 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 ID Domestic Corporation? If there are Foreign Corporations in states other than Idaho that are tied to the Domestic Idaho Corporation then each of those Foreign Corporations must be Dissolved before the Idaho Corporation is legally Dissolved. Can I revoke Dissolution after it is approved by Idaho? The Dissolution of an Idaho Corporation can be revoked by filing with the Idaho Secretary of State within 120 days of the date on which the Idaho Secretary of State approved the Idaho Corporation's Dissolution. How long before someone can use my Corporation name in Idaho after I Dissolve? An Idaho Corporation company name becomes available for anyone to use when the Idaho Corporation is Dissolved by the Idaho Secretary of State. There are no Corporation company name protections in Idaho once an Idaho Corporation has been Dissolved by the Idaho Secretary of State. Do I have to publish a Notice of Dissolution of the Idaho Corporation? There are no state of Idaho requirements for the publication of a Notice of Dissolution of an Idaho Corporation. While the Idaho Secretary of State does not legally require the publication of a Notice of Dissolution of an Idaho Corporation, publication is a good way to notify anyone who might have a claim against the Idaho Corporation.  Evidence of publication might prove useful down the line if someone makes a claim against the ID Corporation after the Idaho Corporation has been dissolved.	IDAHO CORPORATION DISSOLUTION SERVICES For $249.00 our Idaho Corporation Dissolution Services include: Same day processing explain We will start processing your application for an Idaho Corporation Dissolution on the same day that you submit your order.  We get your ID Corporation Dissolution filing to the Idaho Secretary of State as fast as possible.  Once they get the application, the ID Secretary of State usually takes 5-7 business days to process an Idaho Corporation Dissolution filing. 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 Idaho Secretary of State Prepare US IRS Form 966 for you to sign and file Prepare documents to cancel the Federal EIN account linked to the Idaho Corporation Certified copy of Dissolution filing from ID Secretary of State Priority Mail Delivery of all documents Unlimited Customer Support A LA CARTE IDAHO DISSOLUTION SERVICES If you don't need our complete Idaho Corporation Dissolution package we offer our Dissolution services separately check the box next to any option, price will be calculated automatically Transcribe Board meeting minutes - $75.00   explain If a Board of Directors has been appointed for the Idaho Corporation then the Board is required to adopt a resolution to Dissolve the ID Corporation. Minutes of the meeting must be recorded and retained in the business records. We will transcribe the minutes of the Board meeting into a format that is legally acceptable in the state of Idaho. We will also compile a formal resolution to Dissolve the Idaho Corporation for your records. Transcribe Shareholder meeting minutes - $75.00   explain If an Idaho 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. We will transcribe the minutes of the Shareholder meeting into a format that is legally acceptable in the state of Idaho. Prepare and file Articles of Dissolution - $75.00   explain As soon as the preliminary Idaho Corporation Dissolution actions are completed we will prepare and file the Articles of Dissolution with the Idaho Secretary of State in the quickest way possible Prepare IRS Form 966 - $65.00   explain All Dissolved Idaho 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 Idaho Corporation has been legally Dissolved. We will prepare IRS Form 966 for you to file. Prepare EIN cancellation documents - $65.00   explain A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Idaho Corporation.  Once the IRS links an EIN to an Idaho Corporation, that EIN stays with the Idaho Corporation even after the Company has been Dissolved by the Idaho Secretary of State. When the IRS processes the final tax return for the Idaho Corporation, they automatically make the EIN inactive.  However, the account associated with the EIN is not automatically closed by the IRS.  Closing the account associated with the EIN lessens the likelihood of any problems with the EIN account - or with the IRS - in the future. We will prepare formal documents to get your Idaho Corporation's EIN account closed as quickly as possible. Processing fees $249.00 Idaho Dissolution fees $41.00 Optional services $0.00 Total cost $290.00 OUR ADVANTAGE We start processing your Idaho Corporation Dissolution order as soon as it arrives. We get your documents to the Idaho Secretary of State in the quickest possible way.  We guarantee our work.  If you're not satisfied with our Idaho Dissolution services we will refund 100% of your processing fees. We've been helping Corporations legally Dissolve in Idaho for over ten years.  Our A+ BBB rating speaks for itself! 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