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Agreeing to Dissolve Drafting and Filing Dissolution Documents Closing Business in Compliance With State and Federal Law Community Q&A Once you have made the decision to close your company, there are steps you must take to officially wind down the business and limit liability.

An article I wrote last year was entitled ‘Parnell Station – a long time coming’; how true that is.

Have a business office within the State of Delaware which is generally open during normal business hours to accept service of process and otherwise perform the functions of a registered agent as specified in subsection (e) of this section; b.

Have generally present at such office during normal business hours an officer, director or managing agent who is a natural person; and d.

Inventory the assets your business owns and wishes to liquidate.

This process includes drafting and filing dissolution paperwork, complying with state and federal tax law and closing out all business accounts.(4) "Foreign limited liability company'' means a limited liability company formed under the laws of any state or under the laws of any foreign country or other foreign jurisdiction.

A domestic limited liability company, upon receipt of a request by the communications contact delivered in writing or by electronic transmission, shall provide the communications contact with the name, business address and business telephone number of a natural person who has access to the record required to be maintained pursuant to § 18-305(h) of this title.

When is the time to consider the asset liquidation process?

Accounting policy and practice were important aspects of the institutional and regulatory logics as the organisation changed from an entity focused on community service obligations to one that was profit driven.

In this situation there is potential conflict between creditors (those to whom money is owed), as there will be insufficient assets for all creditors to be paid in full.

The law attempts to maintain an equality between creditors, so the assets are distributed proportionately according to the size of each creditor's claim.

A voluntary liquidation may also by commenced by the board of directors if an event specified in the company's constitution has occurred.

Voluntary liquidation may be in one of two forms, depending on whether or not the company is solvent.

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