Legal Question in Business Law in Massachusetts
How do you dissolve a non profit? It has four shareholders with a bank acct with $4000 in it. There are no outstanding debts.
1 Answer from Attorneys
If you are a registered public charity then there is a procedure for getting permission from the Mass AG's office. All the money in the non-profit not needed to pay existing creditors or fees incurred in dissolution must be donated to a similar non-profit organized for a similar purpose.
If you are just a Non-Profit and not a registered public charity, you need to file a Petition in Superior Court and serve the AG's office. You still have to donate any remaining funds to a similar non-profit.
I am currently handing a dissolution for a Non-Profit with no assets but is required to file a Petition to Dissolve. If you would like assistance, please contact me this Tuesday afternoon.
If you are a public charity, go to the Mass AG's office and they will provide you with the forms and instructions as to how to proceed.
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