Can a corporation do a simplified dissolution if it has any remaining assets that require distribution to another tax-exempt organization?
No. In such cases, the dissolving corporation must follow the procedures for the dissolution of a corporation with assets and obtain court approval for the distribution of its remaining assets to a charitable organization with substantially similar activities and purposes, even if the amount to be distributed is less than $25,000.
Related Questions
- Can a dissolving corporation transfer or donate its remaining assets to another tax-exempt organization in order to qualify for a simplified dissolution?
- Why do the Articles of Incorporation for a non-profit corporation require information on the distribution of assets upon dissolution?
- Why do the Articles of Incorporation for a nonprofit corporation require information on the distribution of assets upon dissolution?
