To dissolve your corporation in New York, you must provide the completed Certificate of Dissolution form to the Department of State by mail, fax or in person. You will need to include two copies of written consent to dissolve from the New York State Department of Taxation and Finance.

Can you make an S Corp inactive?

An inactive S corporation must be officially dissolved at the state level. The corporation must then wind up operations according to the provisions of state law, pay creditors and distribute assets to its shareholders. Finally, the corporation must file articles of dissolution with the state.

Can I put my corporation on hold?

In most states, to keep a corporation active, the owners must file annual reports and income tax returns. They may have to pay annual fees as well. A corporation may also voluntarily become inactive by ceasing to do business.

Can a out of State Corporation dissolve in New York?

The Tax Department will issue its consent to the voluntary dissolution of your New York corporation. If you are an out-of-state corporation registered with New York Department of State, the Tax Department will consent to the surrender of your authority to do business in New York.

What happens to a corporation in New York?

If a New York corporation doesn’t voluntarily dissolve and doesn’t file franchise tax returns or pay franchise taxes for two or more years, the New York Secretary of State may dissolve the corporation by proclamation. With dissolution by proclamation and voluntary dissolution, the legal entity of the corporation ceases to exist.

How to file for voluntary dissolution in New York?

Procedure for voluntary dissolution. Voluntary dissolution is a two-step process: Obtaining written consent from the Tax Department (which will check to see if the corporation owes back taxes and if it has filed all its returns); and Filing paperwork with the New York Department of State, including a Certificate of Dissolution.

When to dissolve a corporation for tax purposes?

If you are a corporation that wishes to dissolve prior to the close of a tax year that, for federal income tax purposes, begins on or after January 1, 2015, and before December 31, 2015, see the Corporate dissolutions section of TSB-M-15(2)C, Transitional Filing Provisions for Taxpayers Affected By Corporate Tax Reform…