#1 Company dissolution guide von MarkBennett 14.12.2022 15:06

The most common dissolution can be named LLC liquidation. In general, this process can be described in four steps:

Step 1: making a decision
To dissolve a company, shareholder must make a decision regarding initiation of the liquidation process. If there are two or more shareholders, a vote for such decision shall be necessary. In addition, making this decision, shareholders must appoint a liquidator.

Step 2: filing documents
When the decision is adopted, certain legal documents must be filled and submitted to a local commercial register or other state authority responsible for such applications. Usually, it is required to submit a filled blank, resolution about liquidation, consent of liquidator to be appointed and the receipt on payment of the state fees.

Step 3: settling debts with creditors
During the liquidation process, the liquidator must settle all debts of the company, including taxes. These can either be unpaid loans, unfinished contracts or undelivered goods, etc. During this step, the property of the company will be sold. If it is necessary to gain funds, which will be used to cover the liabilities, it is required to settle tax payments with tax authorities as well. The remaining resources are distributed between shareholders proportionally to number of shares accordingly.

Step 4: finalizing the dissolution
When all previous steps are done, you can finally dissolve the company. It can be done by submitting final papers to the local commercial register. When it is done, the company will be removed from the public registers, which means it will no longer exist.

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