Definition of goodwill in Accounts

Commercial Law_Course 11_Dissolution and Liquidation  January 22, 2013 – 09:08 am
Definition of Goodwill

Law 31/1990 provisions present some general cases of dissolution and special procedures for certain types of companies.

Ceasing the existence of a commercial company supposes two steps, as follows:

- the dissolution of the company, which involves operations that prepare the cease of the company’s existence. During the dissolution, the legal personality of the company is not affected. However, the commercial company is not able any more to perform its normal activity. In most cases, the dissolution is followed by the liquidation of the commercial company.

- the liquidation of the company that involves operations concerning the conversion of the company’s assets into cash, the payment of the creditors from these amounts and the distribution of the rest to the associates. During the liquidation, the company maintains its legal personality, but only for the purpose of performing the operations required for its liquidation.

Dissolution

The dissolution of commercial companies may be decided in three ways, as follows:

- by the associates;

- by the court of law;

- by law. It means that in this case the dissolution of the company is imposed by a provision of the law.

The Law no. 31/1990 republished provides general cases of dissolution of commercial companies and special cases which are applicable to certain juridical form of commercial companies.

Source: Ovidiu Ioan Dumitru

McGraw-Hill Humanities/Social Sciences/Languages Medical Ethics: Accounts of the Cases that Shaped and Define Medical Ethics
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