Question

Asked: Nov 09, 2009

can a non-profit corporation formed for a specific purpose dissolve by donating its assets to charity?

Categories: In Operations > Operations - Other
In Legal > Incorporation and Legal Structures
Industries: In Non-Profit & Social Services > Non-Profit and Social Services - Other

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dsb

Yes, if you are closing an entire agency, assets can be transferred to an IRS designated non-profit. For specific information, I would suggest you consult your articles of incorporation. Good luck!

Answered: Nov 09, 2009


Hi,

Dissolution of the non-profit and disposal of assets are two different actions.

You should consult a LOCAL attorney, by all means!

Disposal of the assets, no matter where or how, does not necessarily remove liabilities incurred. There will be local, state and federal agency requirements that will need to be met. Business licensing, state and fed tax registrations, outstanding bills, etc etc, wil all need to be addressed.

Good Luck!

Source: http://www.abusinessmentor.com

Answered: Nov 10, 2009

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