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Article 14 of the NC General Statutes outlines the procedures for the dissolution of corporations, including voluntary and administrative dissolution. It details the requirements for filing articles of dissolution, the process for revoking a dissolution, and the handling of claims against dissolved corporations. The article also covers judicial dissolution grounds and procedures, including actions by shareholders or creditors. Additionally, it addresses the management of corporate assets during liquidation and stipulates how to deal with unknown shareholders and creditors.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Is termination the same as dissolution?

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.

What is the difference between voluntary and involuntary dissolution?

However, there are two main differences: First, voluntary dissolution is just that the company closure is done willingly, whereas an involuntary dissolution is enforced upon the company.

What does it mean when an LLC is dissolved?

Types of LLC Dissolution Dissolutions fall into three categories: judicial, administrative, and voluntary.

What is the difference between dissolution and termination of a partnership?

If one of those people dies or wants to leave the business, or other partners want to oust them, the partnership will be dissolved but the business will continue to operate until all of the legal actions needed to bring it to closure have been completed. It is only at that point that the term termination can be used.

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