BizTerm Definition
Short Definition
To cancel or discontinue (LLC or Insurance)
Full Definition

Of a Limited Liability Company

To cancel an LLC is to litterally put the LLC out of existence. Considering that an LLC is considered a person (in many ways) by law, cancelling an LLC's exisitance would be akin to the death of the LLC.

Generally, this can be done in one of two ways:
> Voluntarily - Where articles of cancellation are filed with the formation state; or
> Involuntarily - Where the charter is abandoned by the members

Of Insurance

The discontinuance of an insurance policy before its normal expiration date, either by the insured or the company.

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