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Loren, Attorney
Category: Business Law
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Experience:  30 years experience representing clients .
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You created an nonprofit organization and you wish to disolve

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You created an nonprofit organization and you wish to disolve it. What happend to the real estate property. Corporation also owes money to the indivdiuals that started the corporation.
Submitted: 6 years ago.
Category: Business Law
Expert:  Loren replied 6 years ago.
The organization needs to wind down in accordance with its bylaws. The real estate would be sold and the proceeds used to pay legal obligations. The balance remaining would be distributed in accordance with the corporate purpose. A final tax return is filed and Articles of dissolution are filed with the state.
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