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LSDefine

Simple English definitions for legal terms

winding up

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A quick definition of winding up:

Winding up: When a group of people or a company decides to stop working together, they need to pay off all their debts and sell everything they own. This is called winding up. It's like cleaning up your room before you move out of a house. The goal is to dissolve the partnership or corporation so that everyone can go their separate ways.

A more thorough explanation:

Definition: Winding up refers to the process of settling debts and selling off assets in order to dissolve a partnership or corporation.

Example: When a company goes bankrupt, it must go through a winding up process. This involves selling off any assets that can be sold, paying off creditors, and distributing any remaining funds to shareholders.

Explanation: Winding up is the process of closing down a business and distributing its assets and funds. This can happen for a variety of reasons, such as bankruptcy, retirement of the business owner, or a decision to dissolve a partnership. The goal of winding up is to settle any outstanding debts and distribute any remaining funds to the appropriate parties.

wills: writing requirement | winding up a corporation

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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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