Rhode Island Sample Letter for Dissolution and Liquidation
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How to fill out Sample Letter For Dissolution And Liquidation?
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FAQ
Notification of Dissolution and Liquidation Company owners may receive any remaining assets in proportion to their ownership share. For example, an owner with 75 percent of shares in the company will get 75 percent of the assets, while an owner with a 25 percent share receives 25 percent of the assets.
To dissolve your Rhode Island LLC, submit the completed Articles of Dissolution to the Rhode Island Secretary of State (SOS) by mail or in person. Your LLC has to be in good standing to dissolve, so make sure you have filed all annual reports and maintained a Rhode Island registered agent.
Hire a professional auctioneer and hold a public auction. Pay a business broker a fee to sell off your assets. File bankruptcy, in which case the bankruptcy trustee will sell your assets and pay off your creditors with the proceeds. Assign your assets and debts to a company that specializes in liquidating businesses.
A shareholder's equity in the S corporation will be the original stock purchase plus all profits, less all losses and distributions from the corporation. If you had a loan from the corporation, your equity is diminished by a corresponding amount.
When a corporation dissolves, it generally must stop conducting all business, and liquidate its assets to pay off creditors and shareholders. When a corporation's assets are liquidated they first must be used to pay off any outstanding debts the corporation owes, including those owed to shareholders.
When the business dissolves, officers are responsible for the liquidation of company assets. Proceeds from the sale are then payable for outstanding debts that remain. Once all the debts are satisfied, the owners or shareholders of the business may claim and divide the balance of the assets.
An S corporation protects the personal assets of its shareholders. Absent an express personal guarantee, a shareholder is not personally responsible for the business debts and liabilities. Creditors cannot pursue the personal assets (house, bank accounts, etc.) of the shareholders to pay business debts.
