Plan of liquidation
Can anyone tell me what a plan of liquidation is. I was told that I need one to dissolve my family business.
1 Answer from Attorneys
Re: Plan of liquidation
A plan of liquidation is simply a document approved by the shareholders of a corporation that spells out how the corporation will dispose of its assets and liabilities before it terminates its existence. For a small corporation with enough assets to cover all its liabilities, the entire plan is often just a page or two. I have done several plans that were under two full pages.
For insolvent companies, the plan can be considerably more complicated.
David K. Staub, an Illinois business attorney
Related Questions & Answers
Corporation partner secretly gave himself more shares. I recently formed a... Asked 11/13/06, 12:57 am in United States Illinois Business Law
Drug-Free Workplace Act I just have 2 question about the Drug-Free Workplace Act.... Asked 11/08/06, 10:24 am in United States Illinois Business Law
Can corporations require employees to carry corporate debt on personal accounts? Can... Asked 11/06/06, 11:29 am in United States Illinois Business Law
Licensed and bonded vs. insured My freind and I would like to start a housekeeping... Asked 11/04/06, 10:54 am in United States Illinois Business Law
Small claims court help question please oh please help. Hello~ I live in Illinois... Asked 11/02/06, 11:52 pm in United States Illinois Business Law