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Liquidating money

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As soon as you have decided to liquidate the business, you can contact us and we will handle the liquidation application.

We will also help you to restructure so that you can continue with trade.

The assistance of legal and accounting professionals can help smooth this process.

A liquidation marks the official ending of a partnership agreement.

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The company's bookkeeping record includes a total of the amount in this account adjusted for distributions the partner received, additional investments, and the partner's share of company losses.

Failure to do this can bring serious repercussions during the investigation that takes place during many insolvency procedures.When you set up the business, you may have input a capital payment from your own funds.This is documented in the Director’s Loan Account, along with any other personal payments for smaller expense items.If there are assets that you want to keep, you can buy it back.The longer you wait to liquidate an insolvent entity, the higher the risk that creditors, especially SARS, will take legal action against you in your personal capacity.To end the partnership, the parties involved sell the property the business owns, and each partner receives a share of the remaining money.