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A business dissolution generates many notices and letters

Closing a business takes more than simply closing its doors. To bring about the official end to a New Jersey corporate or business entity, many loose ends have to be tied up. Those loose ends can exist between the owners or shareholders of the company, between the business and its creditors and between the business and the state government. Before a business can end its operations, those relationships must be officially severed and the severing process often begins with letters of notice regarding the business dissolution.

The owners of a closing business may start by drafting a general notice. A general notice of dissolution may address issues such as who has agreed to terminate operations, when operations will cease, where individuals with questions can direct them and why the business will be closing its doors. A general notice provides an overview of the closing process for the business.

Specific notices may also be drafted to specified parties. The Secretary of State may receive a detailed notice of dissolution that provides the business's plan for wrapping up. That plan can include how the business will distribute its assets and by when the business anticipates satisfying any of its outstanding financial and legal obligations.

Creditors may also receive notices from the business. Generally, a notice to creditors will set a time limit on a creditor which specifies by when that creditor must make a claim for owed funds. If the creditor does not pursue the owed money during the stipulated time, the creditor may or may not have legal recourse to pursue the money once the business is dissolved.

Wrapping up a business is a complicated process. Many parties must be officially notified that the business is ending its operations, and missing an important notice may pose problems for business owners who want to move past their corporate responsibilities. Individuals who desire assistance in the business dissolution process may consider working with business attorneys to ensure that their dissolutions move forward.

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