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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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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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