Georgia Proposal to adopt plan of dissolution and liquidation
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How to fill out Proposal To Adopt Plan Of Dissolution And Liquidation?
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FAQ
To comply with corporation formalities, the board of directors should draft and approve the resolution to dissolve. Shareholders then vote on the director-approved resolution. Both actions should be documented and placed in the corporate record book.
Yes, in certain circumstances. You may be able to sue a dissolved corporation or a dissolved limited liability company for a period of time after dissolution, especially if it failed to wind up its business and dissolve properly.
A dissolved company can be sued. §7-80-803, a dissolved limited liability company continues in existence for the purpose of winding up its affairs and discharging of liabilities. Corporations similarly continue their existence for winding up the affairs of the company.
It takes the Georgia SOS between seven and ten business days to process the LLC certificate of termination. The SOS offers 24 hour expedited processing for an additional fee.
After the bankruptcy, the LLC's remaining debts are wiped out and the LLC is no longer in business. The LLCs owners are generally not responsible for the LLCs debts. Sometimes, however, an LLC owner signed a personal guarantee that makes the owner personally responsible for a business debt.
A dissolved corporation does not lose its character as a corporate body after dissolution. Indeed, every state extends the life of a corporation after dissolution for a definite time so that the corporation can prosecute and defend lawsuits and otherwise settle its affairs.
Prepare and file the necessary legal paperwork, known as Articles of Dissolution, with the Georgia Secretary of State. In Georgia, you must file Form CD 415, Certificate of Termination for a Georgia Limited Liability Company. You can submit the form online free of cost or via mail for a $10 fee.
A corporation that has issued shares and commenced business may dissolve by filing a Notice of Intent to Dissolve pursuant to O.C.G.A. 14-2-1403 and Articles of Dissolution pursuant to O.C.G.A. 14-2-1408. Form CD 410 and CD 412 may be used for this purpose.