There are many reasons why dissolving a corporation may be the best option for a business or shareholders. For example, it may no longer be profitable to continue operating the company, or the shareholders may disagree on how to move forward. Dissolution can be an opportunity to start fresh, with new shareholders and a new direction.
However, there are several steps required to make the corporate dissolution official. This can include settling debts, notifying suppliers or landlords, squaring any remaining taxes, closing business accounts, and submitting forms for dissolution to the Corporate Registrar.
You’ll want to protect your interests during this life-changing event. Dissolution is a complicated process, and it is essential to seek experienced legal counsel before taking action.Get Started