Correct name in the Plan of Dissolution

Aug 6th, 2022
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How to correct name in the Plan of Dissolution

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Whats up guys, Hey, its Clint Coons here. And in this video, were going to discuss five important steps when it comes to dissolving or closing down your limited liability company. Okay, lets get started. So heres the first and most important step. If your LLC has real estate inside of it, first thing you need to do number one, is transfer out the real estate. You got to get that out of the LLC before you close it because if you close that LLC, you shut it down and theres real estate left inside of it. Youre going to cloud title to your property. That means its going to make it difficult for you to sell that property or transfer it in the future. Ive seen this happen time and time again to real estate investors. They shut down an LLC. They didnt realize they still had a piece of property into do it and just really binds up their deal when theyre trying to sell. All right. Number two, okay. Pay No. One, creditors. Okay. So if you know of any creditors of your limited liability

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What does dissolving a company mean? To dissolve a company, also known as striking off, essentially means removing the name of the business from the official register at Companies House. After dissolution, the company ceases to legally exist.
Upon dissolution of a company by a sole shareholder without prior liquidation, all of the companys rights and obligations are transferred to the shareholder. In other words, the shareholder is responsible for all administrative and legal obligations in lieu of the company.
9 Reasons For Dissolving A Company Retirement or exit. Lack of profitability. Change of business direction. Regulatory or legal issues. Shareholder disputes. Company merger or acquisition. Dormant company. Simplification of group structure.
Although some people confuse dissolution and termination, dissolution does not terminate an LLCs existence. What it does is change the purpose of its existence. Instead of conducting whatever business it conducted before, a dissolved LLC exists solely for the purpose of winding up and liquidating.
You can reopen a dissolved company. If your business was dissolved through non-compliance, you have the option to reopen it using a method known as administrative restoration. However, if your business was struck off by voluntary dissolution, it may only be restored by court order.
Dissolved companies have gone through the liquidation process, meaning they have been removed from the Companies House register. Going through this process means they have no legal existence. Because dissolved companies dont have a legal existence, you can reuse the name for your own company.
If the leadership of the organization decides that winding down is the best option, the organization will need a plan of dissolution. A plan of dissolution is essentially a written description of how the nonprofit intends to distribute its remaining assets and address its remaining liabilities.

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