Dissolution

When a business is no longer operating for some reason, there are times when a formal winding up and dissolution process must be commenced to avoid future, tax, liability or regulatory problems.

Every business’s dissolution process is different, depending on the nature of the business and the financial circumstances. Georgia law requires specific procedures to be followed by an entity seeking to be dissolved; specifically approval of members or shareholders, notice to creditors pursuant to a statutorily prescribed procedure, distributions to creditors, distributions to shareholders or members, and finally, an appropriate notice filed with the Georgia Secretary of State.