VOL­UN­TARY DEREGISTRATION

Collective Hub - - FEATURE - WHAT IT IS: WHEN IT’S BEST: THINGS TO CON­SIDER: IT HAP­PENED TO:

When you choose to cease trad­ing and have zero, or min­i­mal, debt. “Where a com­pany owes less than AU$1000 and doesn’t have any other li­a­bil­i­ties or obli­ga­tions, then you may dereg­is­ter the com­pany,” says Jeremy. “This op­tion al­lows a com­pany that you are no longer us­ing to be dereg­is­tered so that you do not have to con­tinue to pay re­newal fees for that com­pany. The com­pany will cease to ex­ist from the date that it is dereg­is­tered.”

If you have noth­ing to lose or re­pay. To meet re­quire­ments the com­pany as­set’s must be worth less than AU$1000, all mem­bers of the com­pany have to agree to dereg­is­ter, and the com­pany must not con­duct any busi­ness from that point on. In the US dif­fer­ent states have dif­fer­ent re­quire­ments for ‘vol­un­tary dis­so­lu­tion’, as it’s called over there.

You can dereg­is­ter on­line by your­self but it pays to con­sult a lawyer first. “If you do it in­cor­rectly, and the com­pany should never have been dereg­is­tered, it can be re-reg­is­tered and pur­sued for money that it owes,” says Jeremy. If the com­pany holds an Aus­tralian fi­nan­cial ser­vices li­cence (AFSL) or an Aus­tralian credit li­cence (ACL), these should be can­celled be­fore dereg­is­ter­ing.

Dishero. The co-founders of this on­line vis­ual menu plat­form start-up pulled the plug within 36 hours of launch­ing, even though they were not in debt. Why? Rev­enue was slowly ris­ing, but it was not enough to give them hope for the fu­ture. They have since launched Bugsee, a bug-re­port­ing soft­ware for mo­bile de­vices.

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