The decision to close a business is never easy. The sooner owners start the dissolution process, though, the more they can potentially maximize any distribution back to them, and minimize personal liability exposure. Dissolution and bankruptcy are the two processes by which a corporation or limited liability company close down.
In a dissolution, assets are marshaled and sold off, liabilities and creditors identified, and through the dissolution process creditors get paid something, if there are funds available, and shareholders split the remaining money, if any, after the process is complete.
For business dissolution and all your businesses legal needs, call me in Asheville, Hendersonville, Fletcher, Waynesville, and all of Western North Carolina at (312) 671-6453, email at firstname.lastname@example.org, or for more information palermolaw.com.