To close a business you must follow certain procedures regardless of the reason for the dissolving of the company. Let our experts help!
A company can be closed down in Finland either through liquidation or bankruptcy proceedings. Which one applies, depends on the company's financial situation.
In case of voluntary dissolution, the actions you must take, depend on the form of your business.
Dissolving a limited liability company through liquidation
A limited company can be closed down voluntarily by winding it up in liquidation. The general meeting decides to liquidate the company.
The purpose of the liquidation of a limited company is to determine the company's assets and liabilities.
- The company is wound up,
- its assets are converted into cash if necessary,
- its debts are paid and
- its surplus is paid to the shareholders.
It is advisable to plan the closing of the company thoroughly and allocate enough time for this. The liquidation process takes at least five months, often longer. It is also important to take into account all the costs and tax consequences of the process.
Even if the company being closed down is no longer in operation, the winding-up process should still be followed and the necessary notifications should be made to the authorities. Otherwise, a company has a statutory obligation to carry out financial reporting as it would have done while in operation.
Our solution for closing a limited liability company
Greenstep assists in the voluntary liquidation of a limited liability company by the planning and implementating the whole process (we do not currently offer services in relation to bankruptcy proceedings).
The planning of a company liquidation starts with research phase which is led and driven by our experts. The timetable for the dissolution of the limited liability company is discussed and agreed under the guidance of an expert. It is in everyone's interest to have a clear understanding of the division of responsibilities and tasks in the liquidation process.
When planning the closing, it is important to take into account the shareholders' views on the placement of the company in liquidation and whether the costs of liquidation have been taken into account. Costs include legal advice, tax advice, accounting and auditing services.
In addition to the above, the Greenstep service includes:
- drafting of company law and other documents
- assisting in the preparation of the liquidator's report
- notifications and registrations with the Trade Register and the Tax Administration (PRH processing fees are paid by the company).
We also assist in closing down branches!