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What Does It Mean When an Entity Is Dissolved?
Dissolution is a term indicating that an entity’s legal existence is coming to an end. This can occur in a number of ways. The most common is when the shareholders of a Florida corporation, members of a Florida LLC, or partners of a Florida partnership mutually agree to dissolve the entity by filing documents with the Florida Division of Corporations.
Another common form of dissolution is when the Florida Division of Corporations administratively dissolves an entity for failing to file its annual report. This can result in personal liability to the business owners, unintended tax consequences, and litigation.
Therefore, whenever dissolution is contemplated or occurs, Pinellas County business attorneys should be consulted.
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