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Simple English definitions for legal terms

one-month liquidation

Read a random definition: clerk of enrollments

A quick definition of one-month liquidation:

One-month liquidation is a special process where a company sells all its assets to pay off its debts. Shareholders can choose to receive their share of the money as a distribution. To qualify for this process, the company must complete the liquidation within one month. This process has tax implications for the shareholders.

In simpler terms, one-month liquidation is when a company sells everything it owns to pay off what it owes. Shareholders can choose how they want to receive their share of the money. But the company has to finish selling everything within one month to qualify for this process.

A more thorough explanation:

Definition: One-month liquidation is a process of converting a company's assets into cash to settle debts within a month. It is a special election available to certain shareholders that determines how the distributions received in liquidation by electing shareholders will be treated for federal income-tax purposes.

Examples:

  • A corporation decides to liquidate its assets and settle its debts within a month. The shareholders who qualify for the election can choose how the distributions received in liquidation will be treated for federal income-tax purposes.
  • A company partially liquidates its assets by distributing some corporate assets to shareholders on a pro-rata basis and continues to operate in a restricted form.
  • A company adopts a liquidation plan to complete liquidation within 12 months, subject to a tax law prohibiting the company from recognizing any gains or losses on property sold within that time frame.
  • A debtor goes through the process of liquidation under Chapter 7 of the Bankruptcy Code, where the nonexempt property is collected, converted to cash, and distributed to creditors to settle debts.

The examples illustrate the different types of liquidation processes that a company or debtor can go through to settle debts. One-month liquidation is a special election available to certain shareholders, while partial liquidation does not completely dispose of a company's assets. Twelve-month liquidation occurs within 12 months from adoption of the liquidation plan to complete liquidation, and bankruptcy liquidation is a process of collecting a debtor's nonexempt property to settle debts.

one-half plus one | one-party consent rule

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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