Dissolution of commercial partnership

Societies
FAQsRequirements

What is it?

It is the legal act with which a company stops its activity to initiate the liquidation process.

FAQs

  • Dissolution of commercial partnership
Expand All | Collapse All
  • 1. What causes the dissolution of a company?
     

    According to Article 218 of the Commercial Code, the causes of dissolution of a company may be the expiration of the term of its duration, the termination of the same or the extinction of the corporate purpose, the impossibility of continuing to perform the work, by reduction of the number of associates or by decision of the associates or the competent authority.

  • 2. Does every term expire in all societies?
     

    This must be agreed, but the duration can be extended.

  • 3. What is the liquidation of a company?
     

    It is the stage following the dissolution, the moment in which all the liabilities are canceled and the distribution of the assets is made (if any).

  • 4. How are the voluntary dissolution and liquidation of a company carried out?
     

    The voluntary dissolution must be approved by the board of partners, leaving a record in an act as provided in Article 24 of Law 1429 of 2010. This document will be sent for registration in the commercial register.

    If real estate is adjudicated in the liquidation, the minutes of the meeting must be raised to public deed and registered.

Requirements

  • Citizenship card of the legal representative.
  • Commerce Chamber certificates of existence and legal representation.
  • Minutes of meeting where the will of dissolution and the person in charge of the liquidation are established.