The District of Columbia Plan of Liquidation refers to a legal procedure followed when winding up the affairs and distributing the assets of a business entity or organization in the District of Columbia, United States. This plan outlines the steps and processes involved in the liquidation process, ensuring a smooth and orderly conclusion to the entity's operations. The District of Columbia Plan of Liquidation encompasses various aspects, such as asset valuation, debt settlement, and the distribution of remaining assets among different stakeholders or creditors. It aims to ensure that all parties involved are treated fairly and that debts are settled efficiently, in accordance with the district's specific laws and regulations. Different types of District of Columbia Plans of Liquidation may exist based on the nature of the entity being liquidated. Some examples include: 1. Corporate Liquidation Plan: This type of plan is applicable when dissolving a corporation registered in the District of Columbia. It outlines the procedures for valuing the corporation's assets, settling outstanding debts, and distributing any remaining assets among shareholders. 2. Limited Liability Company (LLC) Liquidation Plan: When liquidating an LLC based in the District of Columbia, a specific plan is created to address the entity's unique structure. This plan determines the process for winding up the LLC's affairs, distributing assets to members, and resolving any outstanding obligations. 3. Nonprofit Organization Dissolution Plan: Nonprofit organizations operating in the District of Columbia that decide to cease their operations must follow a distinct liquidation plan. This plan typically includes steps for distributing the organization's assets to other nonprofit entities, settling outstanding obligations, and dissolving the organization in compliance with tax and legal requirements. In conclusion, the District of Columbia Plan of Liquidation is a comprehensive blueprint for winding up the affairs and distributing assets of various types of entities in the District of Columbia. By following this plan, businesses, corporations, LCS, and nonprofit organizations can ensure a fair and legally compliant liquidation process.
District of Columbia Plan of Liquidation
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To dissolve your LLC in the District of Columbia, file Form DLC-8, Statement of Dissolution for Domestic Limited Liability Company with the Department of Licensing and Consumer Protection (DLCP). Feel free to draft your own articles, but do not handwrite on DLCP forms.
The fee for a General Business License is $99. You can apply for your Basic Business License online through My DC Business Center or in person at the DLCP Business License Center. Basic Business Licenses must be renewed every two or four years, depending on license type.
A Basic Business License is issued for a 2-year or 4-year term. The license is eligible for renewal seventy-five (75) days prior to a license's expiration. Most Basic Business Licenses can be renewed online at My DC Business Center (mybusiness.dc.gov).
You may contact the Agency at (202) 671-4500 if you have more detailed questions about premise address changes. If you are no longer conducting the business activity for which your Basic Business License was issued, you are required to formally notify DLCP by submitting a Business License Cancellation request.
Typically, the proposal must be approved by a majority of the directors. Under the second method, the board first must adopt the proposal to dissolve and then submit it to the members. The members then generally meet and vote to approve the proposal, including the plan of dissolution.
Scout, our online consolidated database allows users to find and track licenses, enforcement actions, and regulatory information on District businesses all in one place. Think of it as a one-stop shop for all your data needs. Search by street address, business name, person name, permit, or license number.
You must file Articles of Dissolution to dissolve most types of businesses in the District of Columbia. The information required in the document will vary ing to your business ownership structure.
Contact the Business Licensing Division, (202) 442-4311, 1100 4th Street, SW, 2nd Floor, Washington, DC 20024 to learn what kind of license you need. You may also review the BBL directory to determine the applicable business category, based on the primary business activity conducted in the District.