Business dissolution is the legal process of closing a business, settling its debts, and distributing any remaining assets to the business’s owners. It also can involve the process of legally resolving disputes between the owners which may result in the dissolution and/or closure of the business. This process is required when either the business owner or owners decide to cease operations or when co-owners of a business decide to end their business relationship.
In Oklahoma, most types of business entities are required to legally dissolve when they cease operations or close the business, including LLCs, corporations, limited partnerships, limited liability partnerships, and professional business entities. Even a general partnership should go through certain legal steps when the partnership needs to be terminated or business operating as a general partnership needs to close.