How do I close a corporation in Massachusetts?

Corporations must complete a Form 966, Corporate Dissolution or Liquidation, and file it with the final corporate return. Partnerships must file the final Form 1065 and Schedule K-1s. Sole proprietors stop filing the Schedule C with the individual income tax return.

What happens when you close a corporation?

When a corporation is dissolved, it no longer legally exists and, in most cases, its debts disappear as well. State laws usually give additional time beyond the dissolution for creditors to file suits for failure to pay any corporate debts or for the wrongful distribution of corporate assets.

When can a corporation be dissolved?

A state may bring an action to dissolve a corporation on one of five grounds: failure to file an annual report or pay taxes, fraud in procuring incorporation, exceeding or abusing authority conferred, failure for thirty days to appoint and maintain a registered agent, and failure to notify the state of a change of …

How do I close my Massachusetts sales tax account?

In order to close your sales tax permit in Massachusetts, you will need to visit MassTaxConnect (Massachusetts’s online portal for sales tax). You may also call 617-887-6367 or toll-free in Massachusetts at 800-392-6089. Where can I go to learn more about canceling my sales tax permit in Massachusetts?

How do I dissolve a foreign corporation in Massachusetts?

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Hold a Board of Directors meeting and record a resolution to Dissolve the Massachusetts Corporation.
Hold a Shareholder meeting to approve Dissolution of the Massachusetts Corporation.
File all required Annual Reports with the Massachusetts Secretary of the Commonwealth.
Clear up any business debts.

How to dissolve a corporation in the state of Massachusetts?

File the Articles of Dissolution with the Massachusetts Secretary of the Commonwealth. Fulfill all tax obligations with the state of Massachusetts, as well as with the IRS. Cancel any relevant licenses and permits, along with closing your business bank account. Notify customers, vendors, and creditors of your dissolution.

What do I need to close my business in Massachusetts?

Business/Professional Corporations must file Articles of Dissolution. Foreign Corporations must file a Certificate of Withdrawal. Limited Partnerships must file a Certificate of Cancellation. Foreign Limited Partnerships must file a Certificate of Withdrawal or Certificate of Cancellation.

Can a Massachusetts corporation close its Ein account?

The Massachusetts Corporation must have filed all required tax returns and paid any applicable fees and penalties due to the IRS. The Massachusetts Corporation cannot close its EIN account until the IRS has received payment for any tax amounts the Company may owe.

How to cancel a business license in Massachusetts?

The cancellation can be completed on the Internet at the DOR’s WebFile for Business website or you can contact the Customer Service Bureau at 617-887-6367 or toll-free within Massachusetts at 800-392-6089. Notify the DOR of the closing of the corporation by sending a letter written on corporate letterhead and signed by a corporate officer.

How long does it take to dissolve a Massachusetts corporation?

Massachusetts allows you to apply to reserve your corporate name for up to 60 days during the process of winding up. Check the SOC website for details and forms. Following dissolution, your corporation continues to exist only for the purpose of taking care of certain final matters that, collectively, are known as “winding up” the company.