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After a company is dissolved, it must liquidate its assets. Liquidation refers to the process of sale or auction of the company's non-cash assets. Note that only those assets your company owns can be liquidated. Thus, you can't liquidate assets that are used as collateral for loans.
After dissolution, you cannot use the funds remaining in your business bank account for new business. LLC members no longer have the authority to conduct business or do anything that would indicate that the LLC is still active. Your bank account can cover only essential winding up 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.
To dissolve your corporation in Oregon, you must provide the completed Articles of Dissolution ? Business/Professional form to the Oregon Secretary of State Corporation Division by mail, in person or by fax with a Fax Cover Sheet. Original signature is NOT required.
Corporations may still be sued during its winding up period and even, in some jurisdictions, after dissolution. California subjects dissolved corporations to suits arising out of its pre-dissolution activities, with the only limitation being the general statute of limitations on the type of action being sought.
Creditors respond to the notice by submitting claims to the dissolved corporation for the money that they are owed. Holders of senior debt and other types of debts that are secured by specific assets like inventory will likely be given priority, followed by unsecured creditors.
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.
File Closure With the Secretary of State Find your business type on the Business Registration Forms page. Look for "Articles of Dissolution" or "Cancelation" form, depending on your business type. If you have questions, contact the Corporation Division of the Secretary of State.