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Q.How do I dissolve a corporation (close down my business)?

A.While a lawyer would always prefer to have a client properly wind up and dissolve the corporation, the fact is that many “problem free” corporations simply stop paying tax and stop filing their bi-annual statements of officers and directors, and nothing bad happens. However, this will not work if there are unpaid creditors, unfulfilled contracts, the potential for lawsuits (consider employee claims, product liability, etc...), dissatisfied stockholders, or substantial undistributed assets. When the later is the case, an attorney and C.P.A. should be used to properly wind up and dissolve the corporation.

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