No business remains forever, and a few are even shut down on design by their owners. There are times when the firm is not worth the effort to run, retirement sounds lovely, and no one else can be trusted to manage the business. Whatever the cause, choosing to dissolve a company, business, or corporation voluntarily entails a procedure known as dissolution, which, due to its many steps and complexities, often calls for the help of Andrew Mongelluzzi Tampa Attorney. 

When should you call for an attorney while dissolving a business?

Dissolving a business can be harder and more complicated for numerous business owners than establishing a new one. Taking down a business is a procedure that must be done gradually and in line with new or unique rules and regulations. 

You might manage a business for decades, but that does not imply that you will ever understand how to dissolve it. This is the reason that so many business owners and executives need the advice of a business lawyer to see them through the entire dissolution procedure.

Let your business attorney help you with the following tasks while you are closing your business:

• Starting point:

As if things were not already complicated enough, multiple procedures can be utilized for dissolving a business, and different methods need to be used for various types of companies and circumstances. Corporations that do not have any public interests or that are presently filing for Chapter 7 bankruptcy, for example, have rigorous dissolution processes. A company that has liquidated all of its assets and has not performed any business in five years can be said to be in the same position. Hiring a business law attorney helps them to begin by establishing the nature of the business and the right time at which to dissolve it.

• Shareholder vote: 

In case shareholders are in charge of making the majority of the decisions for your business, a shareholder vote is likely required before the company is liquidated. 

• Winding up: 

The process of winding up begins upon authorization of the dissolution. As you “wind down” your business, you must take the steps required to get it ready for its last hours. Reducing ongoing debts and liabilities by distributing funds effectively or holding onto remaining funds will be the top attention.

• Certificates of filing: 

Depending on the magnitude of your company, you might need to submit a certificate of dissolution to the Secretary of State. You have to include proof of the completion of previous processes and an in-depth discussion in the certification of the reasons why the business was dissolved.