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The quick answer Liquidate means a formal closing down by a liquidator when there are still assets and liabilities to be dealt with. Dissolving a company is where the business is struck off the register at Companies House because it is now inactive. The two are very different processes.

You must file Form 966, Corporate Dissolution or Liquidation, if you adopt a resolution or plan to dissolve the corporation or liquidate any of its stock. You must also file your corporation's final income tax return.

If you've registered your business and you decide to close it, you'll have to file a dissolution notice with the Corporate Registry. The form you fill out and the associated costs will depend on your business type.

A company can be dissolved for different reasons. It might be voluntarily dissolved by its directors when it is not required any more (even if the company is insolvent) or by Companies House if they believe the company is not carrying on business or in operation.

Closing your Business Things to consider when closing a business include filing a final tax return, paying outstanding tax amounts, and financing succession planning. Also inform the corporate registry if you are closing your business or organization.

Dissolution. The first step to closing up shop is receiving shareholder approval to formally close the corporation. The board of directors should adopt a resolution to dissolve the corporation and receive approval for the action.

If a business is not properly dissolved, it continues to exist as a legal entity under state law. This means that it will be remain subject to corporation or LLC filing requirements, such as annual reports and franchise taxes.