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⍰ ASK How does the USA handle the dissolution or closure of a business entity?

To close a business in the U.S, first, the owners meet and agree to shut it down. They document this decision in meeting notes. Next, the company pays off its debts and settles any outstanding commitments using the money from selling its assets. They also file dissolution papers with the state.

After filing, the business still exists for a while to handle legal issues and creditor claims. It's important to inform creditors, clients, and authorities about the closure.
 

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