But now I am getting ready to dissolve C Corp, assets remain were Cash, AR Officers, Common Stock and retained earnings. There should be no further tax effect to the corporation, since the assets are worth exactly what's on the books.If the s\h has the cash, have him repay the loan to the corp and then distribute the cash to him. 331, a liquidating distribution is considered to be full payment in exchange for the shareholder’s stock, rather than a dividend distribution, to the extent of the corporation’s earnings and profits (E&P).
I try to make sure all expenses are considered in the final return - federal and state income tax, liquidation fees, my fee - and have the client write the final checks before he makes his own final distribution.
The Company is focused on developing, manufacturing and selling Dynamic random-access memory (DRAM) modules and flash drives to computing enthusiasts through catalog and online retail channels.
The Company’s product groups include solid state drives, software and solutions, controllers, power supplies and the OCZ solution.
For example, you could include a provision stating only corporate officers can vote for a liquidation plan or that the corporation must hold a meeting of shareholders before the liquidation plan is approved.
If your bylaws give your officers authority to approve dissolution and establish a liquidation plan, the consent of a majority of officers is typically required to begin the dissolution and liquidation process.