If you're going to end your business, you may decide to wind up the company, or simply deregister it.
Deregistering a company
You can deregister a company if all of the following apply:
- all members of the company agree to deregister
- the company isn't carrying on business
- the company's assets are worth less than $1000
- the company has paid all fees and penalties payable under the Corporations Act 2001
- the company has no outstanding liabilities
- the company isn't a party to any legal proceedings.
ASIC provides information on deregistering a company , including the necessary downloadable form. For further information phone 1300 300 630.
Winding up a solvent company
The members of a solvent company, who are unable to deregister, may decide to wind up the company. The Australian Securities and Investments Commission (ASIC) website provides information on steps that must be taken and the required forms that must be lodged when winding up a company .