Distribute assets to shareholders. Obtain shareholder approval to dissolve. File statement with Secretary of State. Pay taxes, debts, and claims. Distribute assets to shareholders.
Many entrepreneurs start as sole proprietors.
As their business expands, some expand into partnerships and corporations. The main disadvantage of a sole proprietorship and partnership is that the owners face unlimited personal liability. The main advantage to forming a corporation is limited personal liability. Selecting the Right Name for Your Business Legally, there are only a few guidelines to abide by when creating the name of your business. Unless there are obvious, legitimate reasons, businesses cannot use such terms as 'insurance,' 'trust,' 'medical,' or 'bank' in their names.