What is the dissolution of commercial company?
It is a legal act by which a company begins its liquidation process and terminates all of its activities.
- National ID Card of the legal representative.
- Chamber of Commerce certificates of existence and legal representation.
- Minutes of the meeting where the dissolution will is established and the name of the person in charge of the liquidation.
Why does a company dissolve?
According to article 218 of the commercial code, a company can be dissolved by: expiration of the term of duration, by its termination, by the finality of its corporate purpose, by the impossibility of continuing its practice, by the reduction of the number of associates or by a unanimous decision of the competent authorities.
Do all companies have a term of duration?
That is correct. Generally the terms of duration must be agreed upon, always having the opportunity to extend said duration.
-What is the next step after dissolving a company?
After the dissolution comes the liquidation, it is the stage in which all the liabilities are canceled and the corresponding distribution of the existing assets are made.
What is the process of voluntary dissolution and liquidation of a company?
According to the provisions of article 24 of Law 1429 of 2010, when the dissolution is voluntary, it must first be approved by the shareholders’ meeting, leaving proof in a record, which must then be sent for registration in the commercial registry.
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