New York Sample Letter for Official Notice of Intent to Administratively Dissolve or Revoke
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How to fill out Sample Letter For Official Notice Of Intent To Administratively Dissolve Or Revoke?
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FAQ
People who continue to operate a business that has been dissolved, are taking a serious risk. That's because once the company dissolves, the corporate protections no longer exist. That means that someone who operates the dissolved business, can be sued personally for anything the (dissolved) company does.
What is a business dissolution? A business dissolution is a formal closure of a business with the state. A small business cannot hang up a ?closed? or ?out of business? sign outside their storefront, turn off the lights, and lock their doors to be considered a dissolved business.
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.
Status dissolved companies have been formally closed down. Not only does that mean it no longer operates, but there are also other matters that need attending to. All assets and liabilities must be addressed, similar to the process of settling the estate of someone who has passed away.
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. It also might involve the filing of final tax returns.
