How Do I Dissolve a Nonprofit in NJ?

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Steps to Dissolve a Nonprofit in New Jersey

  1. Board Approval and Filing
    To dissolve a nonprofit corporation in New Jersey, first get board approval. Then file a verified petition and plan of distribution of assets with the court. Acquire court clearance to distribute assets.

  2. Fees and Processing
    It costs $120 to dissolve a New Jersey corporation, covering various fees including dissolution filing, tax clearance, and processing fees.

  3. Timeline and Consultation
    The dissolution process takes several months. Nonprofits should seek expert advice from legal counsel, HR support, and nonprofit consultants.

Dissolving a New Jersey Corporation: Procedures and Requirements

  • The formal dissolution process starts with a board vote.
  • Stop business operations except for debt payments.
  • Transfer any remaining assets to another 501(c)(3) nonprofit.

Revoking Dissolution and Process

  • Yes, you can revoke the dissolution of a New Jersey corporation within 60 days.
  • File a Certificate of Revocation with the division.

Dissolving a Maryland Nonprofit Company

  • Start with a meeting authorizing the dissolution.
  • File Articles of Dissolution and consult professionals in nonprofit law.
  • Cancel licenses and permits to avoid liabilities after filing taxes.

Key Steps for Successful Dissolution

  1. Voting and Planning
    The Board must vote to dissolve a 501(c)(3) organization. Make a dissolution plan covering liabilities and assets.

  2. Compliance and Transfer
    Dissolving a nonprofit corporation requires following regulations. Assets must transfer to a similar nonprofit.

  3. IRS Requirements
    501(c)(3) dissolution involves having your nonprofit organization vote for dissolution. File Form 990 to declare dissolution with the IRS.

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