Dissolution of commercial partnership

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.

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

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).

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.