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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 110506
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I have decided to transfer ownership of my Kansas non-profit

Resolved Question:

I have decided to transfer ownership of my Kansas non-profit corporation, rather than to dissolve. I'd like to transfer it to a Colorado owner in June 2012. How can I go about doing this? Would it be easier to simply dissolve and give the funds to a 'like' Colorado non-profit? Also, I would also like to sign on for another month of questions/answers. Can I do that for the flat $28?
Submitted: 4 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 4 years ago.
If you want to transfer it to a Colorado owner and a Colorado non-profit, then you have to dissolve the KS non-profit, they have to form the Colorado non-profit for the same purpose of your KS non-profit and then you can transfer the assets to the Colorado non-profit. This is required because when dissolving a non-profit any assets can only go to the charitable non-profit purpose and until the Colorado corporation is formed they would not be qualified to take the proceeds from your KS non-profit. The alternative is if the new owner wants to keep the KS non-profit, then you can enter into a contract of sale with them and file an amended articles of incorporation with the secretary of state showing the change in ownership and a copy to the IRS and you would be able to sell the KS non-profit and they would take over operation as the new owners. Those are your two options.

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