The process of dissolving a corporation in New Jersey typically takes around six months. This includes filing the necessary paperwork with the state, paying any outstanding debts and liabilities, and distributing the remaining assets to the shareholders. Unless you dissolve your corporation with the New Jersey Department of Treasury, that corporation will be responsible for all recurring fees and penalties.
Winding Up Process
You need to complete the "Winding Up" process to dissolve a New Jersey corporation. There are things you need to do before and after the New Jersey Department of Treasury has approved dissolution. For example, you need to notify the IRS that the business has been dissolved. Failure to dissolve means your company still exists.
Dissolving a Nonprofit Corporation
To dissolve a nonprofit corporation in New Jersey, notify the Attorney General’s office and file a Certificate of Dissolution with the Division of Consumer Affairs. It’s not necessary to close bank accounts associated with an LLC after dissolution.
Revoking the Dissolution
Yes. You can revoke the dissolution of a New Jersey corporation within 60 days following the effective date of dissolution. File a Certificate of Revocation with the division. The New Jersey Division of Revenue requires corporations to be in good standing before they are allowed to dissolve. If you are late in filing any annual reports, you will have to file the report(s) before dissolving the corporation. You can file a Certificate of Dissolution by mail, in person, or online.
Dissolve, Cancel, or Withdraw Online
Corporations ending business in New Jersey can dissolve, cancel, or withdraw online. Go to njportal.com/dor/annualreports and select “Close a Business.” Businesses that choose to complete a paper application must submit all of the following: Appropriate dissolution/withdrawal/cancellation form. A corporation may be dissolved pursuant to action of its Board of Directors and shareholders. To effect such a dissolution, the corporation may file in the Office of the Treasurer, Division of Revenue, the articles of dissolution set forth in form C-159S.