Dissolving a Corporation Lawyers
How Can I Separate Myself From a Corporation?
To dissolve your financial interest in a corporation, you should transfer all of your shares of corporate stock to another person. This will transfer all of your rights and liabilities attached to your interest and receive the value of the shares from the person who receives your interest. You do not need to file any papers with the government nor do you need to remove yourself in any other way from the corporation.
How Can I Dissolve The Entire Corporation?
There are several ways in which an entire corporation can be dissolved. These include:
- a proposal by the board of directors to dissolve, that is subsequently approved by shareholders
- shareholders elect to dissolve the board in light of deadlock or misconduct by executives
- judicial decree (a Court decides to dissolve the corporation)
- creditors liquidate all corporate assets to pay debts
What Do I Have To Do Once a Corporation Has Been Dissolved?
A filing is required in every state to finalize a dissolution of a corporation. Creditors must be paid and any remaining assets should be distributed to shareholders. Try to rebuild working relationships with investors if you want to re-enter the corporate world.
Do I Need an Attorney To Help Dissolve My Corporation?
Only a short discussion with your attorney is needed if you only want to pull out your interests from the corporation because you only need to sell all of your shares. But if you want to dissolve the entire corporation, then you should definitely speak with an attorney who has experience with all the required legal steps.
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Last Modified: 01-05-2011 01:35 PM PST
