Listen to Episode 191
Last week we talked briefly about the different ways to wind-up a business. One of those options is to de-register the company. Today, we want to go into more detail about how to actually do that.
There are a couple of criteria that have to be met to be able to deregister a company. First, all the members and shareholders of the company have to agree to deregister the company. The company can no longer be trading as a business nor can it be incurring debts. The company must have assets of less than $1000 and can have no outstanding liabilities. All the companies bank accounts have to be closed and no property can still be in the company’s name.
The application to deregister the company has to be made at least two weeks before the annual review date. Once that’s done and all the company members of the company have signed off you can formally deregister the company.
#deregister #windingup #bankruptcy #insolvency #smallbusiness
More about this Show
We started Business Legal Lifecycle to create a simple way for you to understand complex legal terms. Most importantly we want to help you to develop a plan to take your business successfully into the future. There’s a startling statistic the underscores the importance of developing a solid plan. The majority of business owners are just seven months away from losing everything. A single aspect of your business that is not set-up correctly can shut down your whole operation very quickly. Legal advice is not cheap and even when you can afford it there is often a divide between lawyers and their clients. We want to close that gap once and for all. We want to put legal knowledge and tools into your hand to prevent the worst from happening to you.
Twice a week we are going to deliver those tools right to your home or office with Business Legal Lifecycle TV. We’ll start the week with Fast Fix Monday, a short 5-10 minute video that will tackle a single issue that businesses have to deal with. Then on Wednesday’s our main show will feature with more fulsome discussions and interviews all delivered in a straightforward and easy to understand format.