This form is used when the present owners of the Leases (or portions of the Leases) that are included in a Unit desire to dissolve the Unit, terminate its existence, and declare the Leases to no longer be included in the Unit.
Once you're done, keep your records safe and be sure to communicate with involved parties, especially in case any lingering issues pop up in the future.
You might be able to pause or stop the process, but it’s best to dive into this decision with both feet since it can get tricky once you start.
After dissolution, the assets are typically liquidated, meaning they’re sold off or distributed according to what you agreed on in your company’s governing documents.
Absolutely! You’ll want to settle any outstanding debts, close bank accounts, and ensure all final taxes are filed before you wrap up.
To kick off the process, you'll usually file a certificate of dissolution with the Texas Secretary of State and make sure to inform any necessary parties about your decision.
There can be many reasons, like shifting business goals, facing financial struggles, or simply deciding it’s time to move on to new ventures.
Dissolving a unit means officially closing a business entity or organization, which involves handling all the legal and financial matters before calling it quits.