Administrative Dissolution Of A Business
Description
How to fill out Sample Letter For Certificate Of Administrative Dissolution - Revocation?
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FAQ
Administrative dissolution is the taking away of the rights, powers, and authority of a domestic corporation, LLC, or other statutory business entity by the state administrator overseeing business entities, due to the entity's failure to comply with certain obligations of the business entity statute.
Once a company is dissolved, it no longer exists as a legal entity and cannot conduct business or enter into contracts. Dissolution may also trigger a number of certain legal obligations, such as the distribution of remaining assets to creditors or shareholders.
What does dissolving a company mean? To dissolve a company, also known as 'striking off', essentially means removing the name of the business from the official register at Companies House. After dissolution, the company ceases to legally exist.
After dissolution, a corporation is generally expected to pay all its existing debts and then liquidate its remaining assets to its shareholders. This sometimes becomes difficult, however, where there are unknown claims that may exist against the corporation.
Dissolution of a Company A company ceases to exist as a corporate entity after its dissolution. The company name is struck off from the Register of Companies, and it shall be published in the Official Gazette.
