Here is a Free Business Termination Certificate Template in PDF format to help you. When the owners or partners of a company wants to finish their business and dissolve the partnership by terminating the business and selling the assets, they are required to file an application in the trading department for the termination of the business just like they filed a registration application when they started the business. This is mandatory for both all types of businesses and companies i.e. LLC, Limited, Corporations and companies with fictitious or assumed names. When the trading department completes the paper work for the termination of the business, they issue a NOC to the owners of the company allowing them to terminate the business and sale the assets and this NOC document is known as the certificate of termination of business under fictitious or assumed name.
Certificate of Termination of Business Guidelines:
It doesn’t matter in which country or state you want to start a new company, you need to apply for the registration of the business along with the names of the owners and articles of corporation. After that, when you receive the formal certificate, you can start your business. In the same manner, when you decide to end or terminate a business due to any reason, you are again required to file a formal application in the same trading department informing them about the termination of the business and asking them to change the status of the company in the official record. When the department completes their process, they issue a formal certificate to you and allow you to terminate the business and sale the assets.
This certificate is more important to you than to the trading department because when you terminate a business, you no longer do business with other companies and also you don’t allow any of the partners or employees to use the name of the business for their own purposes. In order to make sure that if there is any liability after closing the business officially and you are held responsible as the owner, you are legally required to get a formal certificate that states you have closed the business and you no longer with to engage with any trading activity with other companies.
Essential Elements in the Certificate of Termination of Business:
- Name of the company with its trademark
- Registration number of the company under fictitious or assumed name
- Name(s) of the partner(s) or owner(s) of the company
- Date when the company was started
- Date when the company was registered in the trading department
- Details of the business (i.e. articles of corporation)
- Duration the company has done the business in the market
- Date when the business will be terminated or has been terminated
- Reasons of terminating the business
- Details of assets and liabilities of the business after termination
- Signature of the owners or partners of the company
- Signature of the clerk in the trading registration department
- Date when the certificate is issued
Here is preview of a Free Fillable PDF Business Termination Certificate Template,
Here is download link for this Business Termination Certificate Template,