How to Dissolve a Corporation in Minnesota (How to legally Close a Minnesota Business)
MINNESOTA BUSINESS SERVICES CORPORATION Incorporate in Minnesota Minnesota Professional Corporation Minnesota Nonprofit Corporation MN Corporation Foreign Qualification Minnesota Corporation Annual Report Minnesota Corporation Dissolution LLC Form a LLC in Minnesota MN LLC Foreign Qualification Minnesota LLC Annual Report Minnesota LLC Dissolution OTHER MINNESOTA BUSINESS SERVICES Minnesota Good Standing Certificate Minnesota Apostille Minnesota DBA Name Minnesota Registered Agent MN Corporation Kit and Seal Minnesota Certified Copies MN Business Reinstatement MN Company Name Reservation MN Tax Status Compliance Certificate MN Attorney Good Standing Certificate Minnesota Property Deed MN Employer Requirements QUICK ENTRY FORMS Minnesota Incorporation Minnesota LLC MN Professional Corporation MN Nonprofit Corporation MN Foreign Corporation MN Foreign LLC MN LLC Dissolution MN 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 Minnesota Corporation Dissolution? A Minnesota Corporation is created when the MN Secretary of State approves the Articles of Incorporation. A record of the Minnesota Corporation is added to the list of Corporations which have officially registered with the Minnesota Secretary of State.  Once a Corporation is registered with the Minnesota 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... A Minnesota Corporation is created when the MN Secretary of State approves the Articles of Incorporation. A record of the Minnesota Corporation is added to the list of Corporations which have officially registered with the Minnesota Secretary of State.  Once a Corporation is registered with the Minnesota 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 a Minnesota Corporation with the Minnesota Secretary of State and want to cease business activities you have to let the MN Secretary of State know that you intend to close your company.  Only after the MN Secretary of State has made sure that all of the obligations of the Minnesota Corporation have been fulfilled will the Secretary of State approve of the closure of the company. When the Minnesota Secretary of State approves the closing of a MN Corporation, that Minnesota Corporation is said to be Dissolved.   The process of Dissolving a Minnesota Corporation is called Minnesota Corporation Dissolution. All debts, obligations and liabilities of the Minnesota Corporation must have been paid or discharged or notice must be given to creditors and claimants before the MN Secretary of State will approve Dissolution of a Minnesota Corporation. Why do I need to Dissolve a Minnesota Corporation? As soon as a Minnesota Corporation is registered with the MN Secretary of State, that Corporation is responsible for recurring obligations of the Minnesota Secretary of State and the Minnesota Department of Revenue.  If the Minnesota Corporation does not file reports or pay taxes then that MN Corporation could be responsible for penalties which go up as time goes by. Unless you Dissolve your Minnesota Corporation with the Minnesota Secretary of State that MN Corporation will be responsible for all recurring fees and penalties. What do I have to do to Dissolve a Minnesota Corporation? Minnesota Corporation Dissolution is one part of a larger process commonly called the "Winding Up" process.   more... less... Minnesota 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 Minnesota Secretary of State; and things that you have to do after the MN Secretary of State has approved Dissolution of the Minnesota Corporation.  What you have to do both before and after the Minnesota 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 Minnesota Corporation has.  If the Minnesota Corporation has not commenced business then the MN Corporation Dissolution process is easier. What do I have to do before I Dissolve a Minnesota Corporation? Things you need to do before you Dissolve a Minnesota Corporation.   1. Hold a Directors meeting and record a resolution to Dissolve the Minnesota Corporation   2. Hold a Shareholder meeting to approve Dissolution of the Minnesota Corporation   3. File a Intent to Dissolve with the MN Secretary of State   4. File all required Annual Business Renewals with the Minnesota Secretary of State   5. Clear up any business debt   6. Pay all taxes and administrative fees owed by the Minnesota Corporation more... less... 1. Hold a Board of Directors meeting and record a resolution to Dissolve the Minnesota Corporation If a Board of Directors has been appointed for the Minnesota Corporation then the Board is required to adopt a resolution to Dissolve the MN 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 Minnesota Corporation. We can transcribe and compile minutes or approvals into a form that is legally recognized by the Minnesota Secretary of State. 2. Hold a Shareholder meeting to approve Dissolution of the Minnesota Corporation If a Minnesota 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 Minnesota Corporation Dissolution process is easier. If necessary, we can transcribe and compile minutes into a form that is legally recognized by the Minnesota Secretary of State. 3. File a Intent to Dissolve with the MN Secretary of State The Statement of Intent to Dissolve must be filed with the Minnesota Secretary of State before initiating the final stages of the Minnesota Corporation Dissolution process. We can prepare your Intent to Dissolve and file it with the MN Secretary of State. 4. File all required Annual Business Renewals with the Minnesota Secretary of State The Minnesota Secretary of State will not approve the Dissolution of a MN Corporation until all required reports have been filed. We can file any required Annual Business Renewal with the MN Secretary of State. 5. Clear up any business debts All creditors of a Minnesota 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 Minnesota Secretary of State does not legally require the publication of a Notice of Dissolution of a Minnesota Corporation, publication is a good way to notify anyone who might have a claim against the Minnesota Corporation.  Evidence of publication might prove useful down the line if someone makes a claim against the MN Corporation after the Minnesota Corporation has been dissolved. 6. Pay all taxes and administrative fees owed by the Minnesota Corporation The Minnesota Secretary of State will definitely not approve the Dissolution of a Minnesota Corporation until all outstanding taxes and applicable registration and administrative fees have been paid. less... What do I have to do after I Dissolve a Minnesota Corporation? Things you have to do after you Incorporate in Minnesota.   1. Distribute all remaining assets of the Minnesota Corporation   2. Close all business bank accounts of the Minnesota Corporation   3. Cancel all local business licenses and permits   4. File Form 966 with the IRS   5. Cancel the IRS account associated with the MN Corporation's Federal Tax ID (EIN) more... less... 1. Distribute all remaining assets of the Minnesota Corporation If the Minnesota Corporation has any remaining assets, these may be divided according to the Shareholders' ownership interests in the MN Corporation. All distributions to Corporate Shareholders must be reported to the IRS. 2. Close all business bank accounts of the Minnesota Corporation If there are any business accounts that have been opened for the Minnesota Corporation then those accounts must be closed. If Corporate business accounts are left open there may be liability and obligations of the Dissolved Minnesota Corporation which could lead to legal problems. 3. Cancel all local business licenses and permits of the MN Corporation If the Minnesota 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 Minnesota Corporation. This includes business registration licenses as well as reseller permits. 4. File IRS Form 966 All Dissolved Minnesota 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 Minnesota 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 MN Corporation's Federal Tax ID (EIN) A Federal Tax ID, or Federal Employer Identification Number (EIN), is like the Social Security Number for the Minnesota Corporation.  Once the IRS links an EIN to a Minnesota Corporation, that EIN stays with the Minnesota Corporation even after the Company has been Dissolved by the Minnesota Secretary of State. When the IRS processes the final tax return for the Minnesota 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 Minnesota Corporation down the line the IRS will reactivate the old EIN for your new Business. Before a Minnesota Corporation can close an EIN account, it must be in Good Standing with the IRS.  The Minnesota Corporation must have filed all required tax returns and paid any applicable fees and penalties due to the IRS.  The Minnesota 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 a Minnesota Corporation? The time it takes to Dissolve a Minnesota 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 Minnesota Secretary of State usually takes around 5-7 business days to process the Articles of Dissolution.    more... less... The time it takes to Dissolve a Minnesota 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 Minnesota Secretary of State usually takes around 5-7 business days to process the Articles of Dissolution. Processing times for Minnesota Corporation Dissolution filings vary depending on the work load of the Secretary of State's staff.  We've found that normal processing of Minnesota Dissolution filings takes the state around 5-7 business days. PLEASE NOTE: WE CANNOT GUARANTEE MINNESOTA SECRETARY OF STATE PROCESSING TIMES. We are dependent on, and have no control over, the staff and systems of the Minnesota Secretary of State . In our experience 5-7 business days is the time it usually takes the Minnesota Secretary of State to process a Minnesota Dissolution filing. We get your Minnesota Corporation Dissolution filing to the MN Secretary of State ASAP. Once it is at the state we have no control over the Minnesota Dissolution approval process. How much does it cost to Dissolve a Corporation in Minnesota? The total cost to Dissolve a Minnesota Corporation varies depending on exactly what is required for each specific MN Dissolution. We charge $249.00 plus any state fees for our Minnesota 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 Minnesota 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 MN Secretary of State Priority Mail Delivery of all documents Unlimited Customer Support We also offer these Minnesota 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 a MN Domestic Corporation? If there are Foreign Corporations in states other than Minnesota that are tied to the Domestic Minnesota Corporation then each of those Foreign Corporations must be Dissolved before the Minnesota Corporation is legally Dissolved. How long before someone can use my Corporation name in Minnesota after I Dissolve? A Minnesota Corporation company name becomes available for anyone to use when the Minnesota Corporation is Dissolved by the Minnesota Secretary of State. There are no Corporation company name protections in Minnesota once a Minnesota Corporation has been Dissolved by the Minnesota Secretary of State. Do I have to publish a Notice of Dissolution of the Minnesota Corporation? There are no state of Minnesota requirements for the publication of a Notice of Dissolution of a Minnesota Corporation. While the Minnesota Secretary of State does not legally require the publication of a Notice of Dissolution of a Minnesota Corporation, publication is a good way to notify anyone who might have a claim against the Minnesota Corporation.  Evidence of publication might prove useful down the line if someone makes a claim against the MN Corporation after the Minnesota Corporation has been dissolved.	MINNESOTA CORPORATION DISSOLUTION SERVICES For $249.00 our Minnesota Corporation Dissolution Services include: Same day processing explain We will start processing your application for a Minnesota Corporation Dissolution on the same day that you submit your order.  We get your MN Corporation Dissolution filing to the Minnesota Secretary of State as fast as possible.  Once they get the application, the MN Secretary of State usually takes 5-7 business days to process a Minnesota 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 Minnesota 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 Minnesota Corporation Certified copy of Dissolution filing from MN Secretary of State Priority Mail Delivery of all documents Unlimited Customer Support A LA CARTE MINNESOTA DISSOLUTION SERVICES If you don't need our complete Minnesota 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 Minnesota Corporation then the Board is required to adopt a resolution to Dissolve the MN 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 Minnesota. We will also compile a formal resolution to Dissolve the Minnesota Corporation for your records. Transcribe Shareholder meeting minutes - $75.00   explain If a Minnesota 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 Minnesota. Prepare and file Articles of Dissolution - $75.00   explain As soon as the preliminary Minnesota Corporation Dissolution actions are completed we will prepare and file the Articles of Dissolution with the Minnesota Secretary of State in the quickest way possible Prepare IRS Form 966 - $65.00   explain All Dissolved Minnesota 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 Minnesota 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 Minnesota Corporation.  Once the IRS links an EIN to a Minnesota Corporation, that EIN stays with the Minnesota Corporation even after the Company has been Dissolved by the Minnesota Secretary of State. When the IRS processes the final tax return for the Minnesota 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 Minnesota Corporation's EIN account closed as quickly as possible. Processing fees $249.00 Minnesota Dissolution fees $118.00 Optional services $0.00 Total cost $367.00 OUR ADVANTAGE We start processing your Minnesota Corporation Dissolution order as soon as it arrives. We get your documents to the Minnesota Secretary of State in the quickest possible way.  We guarantee our work.  If you're not satisfied with our Minnesota Dissolution services we will refund 100% of your processing fees. We've been helping Corporations legally Dissolve in Minnesota for over ten years.  Our A+ BBB rating speaks for itself! 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