Liquidation/dissolution of a limited liability company. - SS1 Commerce Past Questions and Answers - page 1
What is the purpose of liquidating a limited liability company?
To restructure the business
To wind up and close down the company
To attract new investors
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Who is responsible for overseeing the liquidation process?
Shareholders
Creditors
Liquidator
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What is the first step in the liquidation process?
Settling liabilities
Appointing a liquidator
Distribution of remaining funds
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What happens to the company's assets during the liquidation process?
They are gathered and evaluated for sale or distribution
They are returned to shareholders
They are donated to charity
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What are the legal formalities involved in the liquidation process?
Filing tax returns
Cancelling employee contracts
Complying with government notifications
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What is the role of a liquidator in the liquidation process of a limited liability company?
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Why might a limited liability company decide to liquidate?
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