Cut name in the Plan of Dissolution

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

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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.
There are 3 main ways a company can be dissolved administratively, voluntarily, and judicially. I will not detail the judicial dissolution process because it does not seem applicable in your situation.
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.
Dissolution of a company is when a company is dissolved by order of a Tribunal, i.e. National Company Law Tribunal (NCLT), after the completion of its winding-up process. The companys dissolution brings its existence to an end, and its name is struck off by the Registrar of Companies (ROC).
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.
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.
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.

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