From liquidating

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Charitable organizations can take many forms, such as partnerships, limited liability companies or C corporations.All of these organizations enjoy tax-exempt status under Internal Revenue Code Section 501(c).In addition, CBK was ordered to provide the applicants with information concerning the arrangements entered into with Diamond Trust Bank, Kenya Commercial Bank (KCB) , NIC Bank and another and the manner in which the depositors are to be dealt with.CBK is further required to furnish the applicants with information relating to the process of receivership as long as such information is not prejudicial to the ongoing investigations being undertaken.

This distinguishes a liquidating dividend from regular dividends, which are issued from the company's operating profits or retained earnings. A liquidating dividend may be made in one or more installments. S., a corporation paying out liquidating dividends will issue to its shareholders a Form 1099-DIV showing the amount of the distribution.

The plan should list all of the organization's creditors and the amount of each outstanding debt.

If assets must be sold to cover the debts, the liquidation plan should identify them and specify the method to be used.

All assets and profits must be dedicated to supporting the organization's public purpose, even after it is dissolved.

The charity may transfer its assets only to another nonprofit organization.

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