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Tennessee Plan of Liquidation and Dissolution of a Corporation

Category:
Corporations - Public - Liquidation and Dissolution
State:
Multi-State
Control #:
US-0076BG
Format:
Word; 
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Description

Dissolution is the act of bringing to an end. It is the act of rendering a legal proceeding null, or changing its character. Under corporate law, it is the last stage of liquidation. Dissolution is the process by which a company is brought to an end.



Liquidation is the selling of the assets of a business, paying bills and dividing the remainder among shareholders, partners or other investors. A business need not be insolvent to liquidate. Upon liquidation of certain business, such as a bank, a bond may be required to be posted to assure the proper distribution of assets to creditors.

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How to fill out Plan Of Liquidation And Dissolution Of A Corporation?

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FAQ

How do you dissolve and terminate a Tennessee Corporation? First you will file SS-4255, Written Consent to Dissolution and SS-4410, Articles of Dissolution. Then you file SS-4256, Written Consent to Termination and SS-4412, Articles of Termination of Corporate Existence.

Form SS-4245, Articles of Termination is for terminating a Tennessee LLC that has accepted contributions. Form 4243, Articles of Termination Following Administrative Dissolution is for LLCs that have been administratively dissolved by DBS.

Dissolution does not end the existence of a business entity. In Tennessee, ceasing the existence of a business entity is a two step process: (1) Dissolution and (2) Termination. Filing dissolution documents is the first step and requires the business to wind-up its business and affairs.

A plan for dissolving a Tennessee for-profit corporation. This document can be used as a separate plan or incorporated into a resolution for the corporation.

The first step in terminating a Tennessee LLC is to file Form SS-4246, Notice of Dissolution (Limited Liability Company) with the Department of State, Division of Business Services (DBS). After you file notice of dissolution and wind up your business, you will have to file the appropriate Articles of Termination.

An LLC that has been administratively dissolved continues its existence, but may not carry on any business except that necessary to wind up and liquidate its business and affairs under § 48-249-601 and notify claimants under § 48-249-611.

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