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I have been working with my co-founder for the past year and recently we decided to part ways. However, about 2 months ago we incorporated our business in Delaware. Each of us is starting from scratch and doing our own thing and want to dissolve this incorporation and start with a clean slate.

  1. What's the cost of dissolving a Delaware corporation and are there any by-product fees?
  2. What's the paperwork that needs to be done? Can this be done online?

Thanks for any help.

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1 Answer

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Sorry, but there is not a short, definitive answer to your question.

You need to decide which of the several dissolution forms ( http://corp.delaware.gov/corpformscorp09.shtml ) to use based on the applicable provisions of the Delaware General Corporation Law ( http://delcode.delaware.gov/title8/c001/sc10/index.shtml ) given your corporation's circumstances.

Each dissolution form is accompanied by a statement of the applicable filing fee. In addition, you need to make sure all taxes are paid and any other debts or obligations are taken care of.

Disclaimer: This information does not constitute legal advice and does not establish an attorney-client relationship.

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Given our circumstances we fall under Dissolution before issuance of shares and we'll be submitting a #274. Thanks! – rjgonzo Nov 22 '12 at 4:04
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My pleasure.... – Dana Shultz Nov 23 '12 at 18:13
Note: We had to pay something called franchise tax, apparently ia an annual fee that is required before dissolution. For any company doing less than a $1 million in revenue the fee is $400. – rjgonzo Dec 13 '12 at 18:45

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