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In this video tutorial, two methods for deleting a company in Tally are demonstrated. First, the user opens Tally, enters their password, and accesses the Company Info menu (Alt+F3). They select the company to delete, press Alt+D, and confirm the deletion through two popup messages. In the second method, the user clicks on Configure (F12), accesses Data Configuration to check the location of data files, identifies the folder corresponding to the company they wish to delete, and can proceed with the deletion process. The tutorial emphasizes the ability to create another company after deletion.