So my buddy and I have had a corporation for a couple of years. It has been basically inactive and has no profits to speak of. We have the minimum balance in the account so that we don’t have to pay a fee every month, which is just barely over $ 1000, and that’s all that’s there. We did tens of thousands in business a couple years ago, but mostly I was using it to bill my freelance clients and pay subcontractors who freelanced for me. Now we have both moved on and it’s just not necessary to keep it in existance.
What’s the proper way to go about dissolving the corporation?
Have a meeting of the officers (you), and vote to dissolve. Send a letter with the minutes of the meeting to the NY State Board of Corporations (registered mail), and they will issue a notice of inactivation.
That way you won’t worry about getting a tax bill 10 years from now, or some landshark suing you.
Do you know this for a fact as New York law, Ralph, or are you extrapolating from Massachusetts practice? I’m not being snarky in asking; I don’t know the answer, but I do know that the Secretary of State needs to be informed, as his/her office will publish the fact in the New York State Register (unless that’s changed within the past few years).