What is a dissolution of a commercial partnership?
With this legal act, a partnership can halt its activity in order to begin the process of liquidation.
- National ID card of the legal representative.
- Certificates of the chamber of commerce about existence and legal representation.
- Transcript of the meeting where the dissolution was willingly established as well as the person in charge of the liquidation.
Frequently Asked Questions
Why does the dissolution of a commercial partnership take place?
According to article 218 of the Commerce Code, the reasons may be: expiry of the terms of duration, for ending said duration, because of the termination of the social objective, because of the impossibility of continuing the partnership, because of the reduction of the number of associated or due to a unanimous decision by competent authorities.
Do the terms of duration expire in all partnerships?
The terms of duration must be agreed upon, having always the option to extend their duration.
What is a liquidation of a partnership?
It’s the phase that follows the dissolution, all liabilities are cancelled and the distribution of assets takes place, if they exist.
What is the voluntary dissolution process and the liquidation of a partnership?
When it is decided upon that a voluntary dissolution must take place, this must be approved by the committee of partners, leaving a transcript, according to what article 24 of law 1429 of 2010, said document must be sent in order to be inscribed in the mercantile registry.