Sometimes in life, you just have to call it over. Hobbies. Friendships. Romances. Trips to the buffet. It was a good run, but you've reached a point where you have to lay aside the thing you once found profitable.
That situation describes a voluntary liquidation...only here, it's a corporate entity getting...ended.
Basically, it describes a situation where the shareholders of the firm decide it’s time to shut down the operation and split up the loot. The firm is dissolved, all the assets are sold or distributed, and shareholders split their share of the cash.
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Finance: What is a 1099?0 Views
Finance, a la shmoop. What is a 1099? Well it's a tax form for the rest of us the
non fully employed, the non recipients of crappy health care and benefit plans, the [Man looks shocked at his medical bill]
non recipients of fancy corporate business cards those of us who choose to [Business card for Brett Corporate]
go it on our own as consultants, contractors, day laborers and
independents who self employ under the yoke of many masters trying to make our [A contractors diary]
own little way in the world, yeah. Corporations who hire contractors in
whatever form, must deliver to those contractors a form 1099 which outlines [Corporation giving out 1099s to contractors]
and stipulates the details of the job performed for the contractee. That 1099
is a direct conduit to the IRS holding out their arm to shake your hand and [The form 1099s are sent to the IRS]
then turning it 90 degrees to the right. [IRS's hand out expecting something]
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