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What happens when you dissolve a corporation?

After a company is dissolved, it must liquidate its assets. Liquidation refers to the process of sale or auction of the company's non-cash assets. Note that only those assets your company owns can be liquidated. Thus, you can't liquidate assets that are used as collateral for loans.

How do I close a business in Louisiana with Secretary of State?

In Louisiana, you must file an Affadavit to Dissolve Limited Liability Company with the Secretary of State. The state will then send you a Certificate of Dissolution. Louisiana requires business owners to submit their Certificate of Dissolution by mail, fax, in person, or online.

What is the difference between LLC termination and dissolution?

These terms are often used interchangeably, but have distinct legal meanings. Dissolution is the winding up of the affairs of the entity in advance of the termination of the entity. Termination of the entity occurs when the entity ceases to legally exist.

What does it mean for a corporation to be dissolved?

Dissolution of corporation refers to the closing of a corporate entity which can be a complex process. Ending a corporation becomes more complex with more owners and more assets.

How do I dissolve an LLC in Louisiana?

A corporation can choose to dissolve by two different methods: by filing a notarized affidavit of dissolution with the Louisiana Secretary of State, or by filing an application to dissolve, referred to as a long form dissolution.

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Why would a company be dissolved?

A company can be dissolved for different reasons. It might be voluntarily dissolved by its directors when it is not required any more (even if the company is insolvent) or by Companies House if they believe the company is not carrying on business or in operation.

What are the annual fees for an LLC in Louisiana?

Louisiana LLC Cost FAQ Yes, Louisiana LLCs must pay a $30 annual report fee every year.

How much does it cost to dissolve an LLC in Louisiana?

Dissolving a Louisiana LLC comes with a $75 filing fee. Corporations need to pay $60. Expedited processing requires an additional $30.

What happens to a company's assets when it is dissolved?

All assets pass to the Crown as soon as a company is dissolved, so ideally, if a company owes you money you should object in writing to Companies House, before the dissolution of a company.

How long does it take to dissolve LLC in Louisiana?

How long does it take the state to process the filing? Most documents filed with the Louisiana Secretary of State are processed in approximately one week. You may expedite for an additional $30, which usually means approximately 24-hour processing to receive your Certificate of Dissolution.

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What happens when you dissolve a corporation?

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