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What types of Business dissolutions exist?

There are two types of business dissolution that exist within the North Carolina General Statutes. These are:

  • Administrative Dissolution – Occurs after notice is sent by the Office of the North Carolina Secretary of State informing the registered agent of a deficiency in the submissions by the corporate entity. Most often, it is the failure to file requisite annual reports. Upon entry of the administrative dissolution, the officers of the corporate entity are no longer afforded the protections of the corporation.
  • Voluntary Dissolution – This form of dissolution comes as the result of action taken by the shareholders, members or board of a corporate entity and serves to put the world on notice that the corporate entity no longer exists or is at least being shut down. The corporate entity may and actually must continue to wind down its business in order to maintain the protections the corporation provided to its officers and owners.

Business Dissolution 

This information applies to All Counties in North Carolina.

Source: https://hscattorneys.com/business-dissolution-faqs/

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