Termination by Liquidation and Dissolution Agreement
Form reviewed by Bahman Eslamboly, Attorney at FindLegalForms
This Termination by Liquidation and Dissolution Agreement is used when owners decide to terminate their relationship by liquidating all assets.
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This agreement sets out how any liabilities will be divided, if there were multiple business locations and how any corporate loans or taxes will be repaid. In addition, this agreement specifically sets forth how customer/client records will be returned and that the parties agree not to open a business which may compete with the other for a set time period.
This Termination by Liquidation and Dissolution Agreement contains the following provisions:
- Explanation Statement: Identifies the parties who own 50% of the stock, location of any offices and that the parties desire to terminate their professional relationship and liquidate and dissolve the corporation;
- Dissolution: Stockholders and directors shall take the appropriate action to file documentation to dissolve and liquidate the corporation;
- Leases: Each party will cause a release to be executed by any landlord on the premises in which either office is located;
- Assets/Liabilities: All assets and liabilities will be categorized and listed on an exhibit to be incorporated with this agreement;
- Records: Sets forth how records of any clients or patients will be turned over to the individual;
- Closing: Sets forth the date, time and location of the closing of this transaction;
- Signatures: Both parties must sign this agreement.
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This attorney-prepared packet contains:
- General Information
- Instructions and Checklist
- Termination by Liquidation and Dissolution Agreement
Termination by Liquidation and Dissolution Agreement
Product Details
| Product | Termination by Liquidation and Dissolution Agreement |
| Country | United States |
| Pages | 12 |
| Dimensions | Designed for Letter Size (8.5" x 11") |
| Printer compatibility | Designed to print on all ink-jet and laser printers |
| Editable | Yes (.doc, .wpd and .rtf) |
| Format |
Microsoft Word Adobe PDF WordPerfect Rich Text Format |
| Platform |
Windows Compatible Mac Compatible Linux Compatible |
| Availability | In Stock. Instant Download |
| Usage | Unlimited number of prints |
| Category | Termination Agreements |
| Product number | #43668 |
| Download time | Less than 1 minute (approx.) |
| Document Access |
Via secret online address Email with download links Email with attachment upon request |
| Refund Policy | 60 days, no-questions asked, 100% money back guarantee |
Frequently Asked Questions
This agreement is a legal document used by shareholders of a professional corporation to formally terminate their business relationship by liquidating all assets and dissolving the corporation.
This agreement is intended for shareholders or owners of a professional corporation who have decided to dissolve their business and need a structured approach to liquidate assets and settle liabilities.
The agreement includes provisions for the dissolution process, division of assets and liabilities, handling of client records, and non-compete clauses among the parties involved.
Yes, this Termination by Liquidation and Dissolution Agreement is designed to comply with the laws of all states, ensuring that the dissolution process meets legal requirements.
The agreement specifies how client records will be returned to the individual parties, ensuring confidentiality and compliance with privacy regulations.
Is This Form Right For You?
Use This Form If:
- Individuals who are shareholders in a professional corporation may find themselves needing this agreement when they decide to end their business relationship. This document provides a structured approach to liquidating assets and settling liabilities, ensuring that all parties are clear on their responsibilities.
- Situations requiring the dissolution of a corporation often arise when the business has become unprofitable or when the owners wish to pursue different ventures. This agreement outlines the necessary steps for liquidating assets and distributing any remaining funds among the shareholders.
- For those involved in a partnership that is no longer viable, this agreement serves as a formal means to dissolve the business. It ensures that all legal obligations are met, including the handling of client records and the repayment of corporate debts.
- In cases where multiple business locations are involved, this agreement helps clarify how assets and liabilities will be divided among the owners. It provides a comprehensive framework for addressing the complexities of dissolution in a multi-location business.
- When planning to close a professional corporation, this agreement is essential to ensure compliance with state laws regarding dissolution. It provides a clear outline of the process, protecting the rights of all parties involved in the termination.
Do Not Use If:
- – This form is not appropriate for businesses that are not structured as corporations. If the business is a sole proprietorship or partnership, different legal documents should be utilized.
- – If the business is facing bankruptcy, this agreement may not be suitable as bankruptcy proceedings have specific legal requirements and protections that must be followed.
- – In situations where the owners are in dispute and cannot agree on the terms of dissolution, this agreement may not be effective. Mediation or legal intervention may be necessary to resolve conflicts.
- – If the business has ongoing contracts or obligations that cannot be fulfilled, this agreement should not be used until those issues are resolved, as it may complicate the dissolution process.
- – When the owners wish to continue the business under new terms or with new partners, this agreement is not suitable as it is intended for complete dissolution.
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