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When a company ceases operations, dissolving the company can be a prudent strategy.

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CORPORATE DISSOLUTION

When corporate ownership is of the determination that the company is no longer, whether because its assets have been sold, the intention is to simply cease operations or for alternate reasons, the prudent strategy tends to be undertake the dissolution of the company. By dissolving the company, the company's ownership, together with its officers and directors, seek to realize a conclusive end to the company's existence and the responsibilities that it owes.

 For where a corporate dissolution is not undertaken in conformity with legal requirements, financial liability and legal exposure will in all likelihood persist at far greater level, whether it is by way of tax authorities (i.e., Canada Revenue Agency), business creditors and others. This does not mean that a range of other liabilities do not persist, as it relates to other contractual and legal obligations for occurrences and injuries that are yet to arise, among other potential aspects, but it does close the door on many identifiable and determinable aspects, such that the company's owners, directors and officers are capable of moving forward appropriately following the corporate dissolution.

At Neufeld Legal P.C., we understand the importance associated with dissolving companies and the procedural requirements, as well as the extent that corporate dissolution has on clearing out the corporate ledger while other corporate liabilities and responsibilities persist well after the dissolution has become official. The process and its effect are not altogether straight-forward, such that we look to work with corporate ownership and management to properly understand and effect their corporate dissolution. To learn how we can be of assistance with a contemplated corporate dissolution, contact lawyer Christopher R. Neufeld via email at Chris@NeufeldLegal.com or by phone at 403-400-4092.

 

 

Calgary business lawyer Christopher Neufeld is a corporate commercial lawyer with the law firm of Neufeld Legal Professional Corporation (77 Tuscany Ridge Mews NW, Calgary, Alberta) and is admitted to practice law in Alberta and Ontario (Canada) and New York (U.S.A.).  Christopher's legal practice focuses primarily on business law, in particular corporate commercial transactions (mergers, acquisitions, divestitures, business purchases and sales, etc.) and business contract work.  - - -  This website is provided for general information purposes only. It is not intended to be comprehensive or to include advice on which you may rely. You should always consult a suitably qualified lawyer on any specific legal matter. All liability is excluded in respect of any loss or damage which may arise in connection with the use of or reliance upon any materials and information appearing on this website. 2016.

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