{"id":4659,"date":"2016-04-04T10:47:37","date_gmt":"2016-04-04T15:47:37","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/smallbusiness\/closing-a-business\/terms-of-dissolution-glossary.html"},"modified":"2024-05-23T00:50:38","modified_gmt":"2024-05-23T05:50:38","slug":"terms-of-dissolution-glossary","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/smallbusiness\/closing-a-business\/terms-of-dissolution-glossary.html","title":{"rendered":"Dissolving a Business: Terms You Should Know"},"content":{"rendered":"\n
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Dissolving a Business: Terms You Should Know<\/h1>\n
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\n By Susan Buckner, J.D.<\/a> | Legally reviewed by Aviana Cooper, Esq.<\/a>\n | Last updated\n
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Editorial Note: We earn a commission from affiliate partner links on FindLaw. Commissions do not affect the editorial integrity of our legal content.<\/p>\n\n <\/div>\n \n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

Whether selling your business<\/a>, breaking up a partnership, or shutting your business down <\/a>completely, dissolving a business is complicated. Federal and state laws may require notice of dissolution<\/a> for incorporated businesses and limited liability companies (LLCs). You may also need to notify creditors, partners, suppliers, other stakeholders, and contractors.<\/p>\r\n

When a business closes, it triggers financial obligations for the business owners. There are several steps you must take before your business shuts down.<\/p>\r\n