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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.
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.
Admin dissolution for annual report definition is the temporary removal of a company's ability to conduct business in the state of registration because they failed to file the required annual reports or follow other legal guidelines.
If your business has been administratively dissolved or revoked, you cannot conduct business in Indiana. Don't panic. If you intend to continue doing business, you can reinstate the business if it has not been administratively dissolved or revoked for more than five (5) years.
Completing the reinstatement process online saves both time and money: Certificate of Clearance from the Department of Revenue. Completed Application for Reinstatement. Completed Business Entity Report.
What does administrative dissolution mean? It means the corporation or limited liability company was ?administratively dissolved? by the Secretary of State in ance with Georgia law. Upon dissolution, an entity may no longer carry on any business other than to wind up and liquidate its business and affairs.
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.
A dissolution is a formal closure of a business with its state of incorporation. Formally closing a business means the registered company is no longer seen as active through the eyes of the state. If an LLC or corporation does not file articles of dissolution, the state will continue to see the business as active.