Business Termination
/ˈbɪz.nɪs ˌtɜr.mɪˈneɪ.ʃən/
Definitions
- (n.) The legal process of ending a commercial enterprise, including settling debts, liquidating assets, and terminating contracts.
The business termination required filing dissolution papers with the state.
- (n.) The formal cessation of operations by a business entity under corporate or commercial law.
Business termination often involves notifying creditors and employees.
Forms
- business termination
Related terms
See also
Commentary
Business termination typically necessitates compliance with statutory procedures to avoid liability; drafting clarity on the steps involved is crucial in agreements.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.