While the process of closing a business is very difficult for many reasons, it is important to make sure you get the best value for your assets, pay your employees, satisfy your creditors, and comply with state and federal laws.
Liquidation is the process of gathering the assets of a business to settle the corporate debts.
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In general, where a business is insolvent and partners cannot pay its debts, it may be treated as an unregistered company, much like a bankrupt company is treated.
If the principle of unlimited liability can be invoked, however, once partnership assets have been exhausted in the payment of creditors, creditors may be able to lodge petitions against the partners' individual estates.
It is critical that all clients be given notice that the business has been wound up; issuing of this notice represents the end of the partners' authority to agree to contracts and transactions with clients.
Liquidation is a legal process resulting in a company ceasing to exist.
This is because, in fact, there are multiple owners.