How can I close a C Corporation?
Question Details:
I have a C Corporation in the state of Colorado. I want to know how I can close the corporation. I am going out of business.
The form to close a C Corp. is easily located on the secretary of state website under the forms section in this corporations department. the form you are looking for is "Dissolution" papers. You also need to look at the operating agreement that you have with the C Corp. as to how the company is dissolved. Generally, you need to notify all the current creditors of the company and let them know that you are going out of business. if you fail to do this, the creditors may come after you personally. Once the creditors are on notice of the dissolution, you can wind up the business's affairs and liquidate assets to pay off creditors. Any money that is left over after all the creditors are paid is divided up among the shareholders with respect to their percentage. If you have an operating agreement that speaks to winding up, the operating agreement controls.

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