Liquidation sometimes refers to the process of closing a Business. Liquidation technically is part of the Winding Up process, some form of which which all states require in order to legally close a Business.

When a Corporation or LLC is initially formed it has to register with the state agency responsible for administering business records in that state. This is usually the Secretary of State but may be the Department of Treasury or some other state agency.

If a Corporation or LLC wants to end its Business after it has registered with the Secretary of State it has to officially notify the Secretary of State of its intentions. Most states call the process of closing a Company "Dissolution". Some states refer to the Business closing process as Business Cancellation or Business Termination.

Most states require the filing of some form of Articles of Dissolution in order to legally close a Business. There is usually a small fee for the filing of Articles of Dissolution. Some states do not charge a fee for filing Articles of Dissolution.

Dissolution, along with Liquidation is part of the Winding Up process that is required in order to legally close a Business.

The Winding Up process includes all actions required to make the Dissolution of a Company legal. Liquidation is part of the Winding Up process. Liquidation includes sales of all assets which the Corporation or LLC owns.

The requirements for Winding Up and Liquidation vary from state to state.

Sometimes disposing of the real estate or other assets which a Company owns takes time and most states allow a Corporation or LLC a reasonable time period to complete the Liquidation process.

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