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Simple English definitions for legal terms
articles of dissolution
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A quick definition of articles of dissolution:
Articles of Dissolution: A paper that a company must fill out and give to the government when it is closing down. This happens after the company has paid off all its debts and given away all its things. It tells the government that the company is officially done and won't be doing business anymore.
A more thorough explanation:
Definition: Articles of dissolution refer to a legal document that a corporation must file with the appropriate government agency, usually the secretary of state, after it has paid off all its debts and distributed all its assets.
Example: When a corporation decides to dissolve, it must file articles of dissolution with the state government. For instance, if a corporation in California wants to dissolve, it must file articles of dissolution with the California Secretary of State.
Explanation: The example illustrates that when a corporation decides to dissolve, it must file articles of dissolution with the appropriate government agency. In this case, the corporation in California must file the articles with the California Secretary of State. The articles of dissolution document the corporation's decision to dissolve and its compliance with all legal requirements, such as paying off debts and distributing assets.