Dissolution plans are legally binding documents which are framed or drafted in the case where a company or any other entity gets majority of votes for disintegration or termination. These plans are formally made documents which consist of the conditions under which the dissolution has taken place. Generally, a dissolution plan is made by all the members who have voted for the dissolution process to take place.
A dissolution plan must consist of all the details of the entity or company which is being dissolved in a specified manner. These legal documents must be drafted with the help and advice of legal experts so that a solid dissolution plan can be made. There are a number of elaborately mentioned terms and conditions which consist of all the major details of the plan of dissolution and are enforceable by law. These plans also have clearly mentioned important dates of the different dissolution processes and procedures.
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