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dissolving the corporation then convert into sole proprietorship

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snweepy430


Arresto Menor
Good morning..Please give me an idea on how to process of dissolving the corporation then convert into sole proprietorship..thanks

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tsi ming choi


Reclusion Perpetua
There are 3 ways:
1. The corporation did not commenced any its business for two yrs after it had received its certificate of incorporation.

2. Continous non operation for 3 yrs after the corporation had commenced its business.

2. By filing a dissolution of corporation before the SEC.

After any of these, you can now establish a sole proprietorship by registering your business before DTI, local business bureau, etc.

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Lunkan


Reclusion Perpetua
snweepy430 wrote:Good morning..Please give me an idea on how to process of dissolving the corporation then convert into sole proprietorship..thanks
You DON'T need to wait to start the Sole P until the Corporation is dissolved. You can solve that by the Corporation SELL the assets in the business to the Sole P for a corect value, and THEN dissolve the Corporation. But I suppouse there are more Corporation members who need to aprove such deal.

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