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What happens to retained earnings when a company is dissolved?

Of course, closing down an established company can be a complex task, and one that can be done in a number of ways. However, if your company has profits left in it when its closed, then you will need to distribute those funds to shareholders. Typically, thats the owner/director/contractor.

What happens to the assets of a company when it is dissolved?

The Official Receiver attempts to sell the assets of the company and then uses the funds raised to pay back lenders a proportion of the original amount of money they gave as credit. The authorities may also sell assets to meet any outstanding tax liabilities.

What happens when a company is dissolved Canada?

This can be done by voluntary action on the part of the shareholders or directors, or it can be ordered by a court. Once a corporation is dissolved, it no longer has any legal existence, and its assets are distributed to its shareholders.

How do I dissolve a company in Canada?

When you want to permanently dissolve your corporation, you should send an application for dissolution to the government body that governs the affairs of your corporation. You should also file a final return and send us a copy of the articles of dissolution.

How do I dissolve a corporation in British Columbia?

The Dissolution Request must be submitted electronically over the Internet by visiting Corporate Online at .corporateonline.gov.bc.ca and completing your filing using a credit card or, for BC OnLine customers, file using your BC OnLine account.

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What happens to assets of dissolved company BC?

Any assets that the company may possess, including not only physical assets but also rights and benefits such as intellectual property or contractual rights and tax refunds which may be due to the company will become the property of the provincial government.

What happens to a companys assets?

Often assets will be sold to unrelated third parties, or even competitors, however, in some cases a director may wish to retain some or all of the companys assets.

How do I dissolve a partnership in BC?

Partnership: For a partnership, you will need to complete the Dissolution or Change of Partnership Registration form. Sections A, B, C (including registration number), D and H must be filled out (in duplicate) and the form must be mailed directly to the Corporate Registry. There is no cost to dissolve a partnership.

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