Although state rules share similarities, it’s best to contact the secretary of state for the corporation’s home state to get state-specific information on corporate liquidation rules and regulations.
In addition, a liquidation plan outlines procedures for dealing with distributions when the shareholder cannot be located.
This website was created to assist the Debtors in providing access to information for creditors, as well as to solicit and receive comments from such creditors.
Liquidation is the final step in the formal process of dissolving a corporation, regardless of how many shareholders it has.
But for tax purposes, the defining line can make a big difference.
Witness the situation described in recent letter from the Internal Revenue Service (LTR 200806006, November 7, 2007), which addresses a seeming anomaly related to the tax code.