Liquidation may be commenced provided that one of the reasons allowing the dissolution of the company has occurred. Liquidation of the company begins with a resolution of the shareholders to dissolve the company. It is worth noting its special form – a notarial deed. In the above or in a separate resolution, the liquidators, who, as a rule, are members of the limited liability company’s management board, should also be designated. However, it is possible, in the articles of association or in a resolution of the shareholders on the dissolution of the company, to regulate this issue differently. It also happens that liquidators are appointed by the court. According to Art. 277 of the Commercial Companies Code, the following must be reported to the registry court: the opening of liquidation; the names of the liquidators and their addresses; the manner in which the liquidators represent the company; any changes in this regard, even if there has been no change in the company’s previous representation. This is the first activity that the liquidator must perform. The next step is for the liquidators to announce the opening of liquidation in the Monitor Sądowy i Gospodarczy, while summoning creditors to report their claims within three months of this announcement. The next stage begins the activities that go directly to the liquidation of the limited liability company. The liquidators shall prepare an opening balance sheet for liquidation, which they shall submit to the shareholders’ meeting for approval. For the liquidation balance sheet, all assets should be accepted at their marketable value. Liquidators should also: terminate the company’s current interests; collect debts; fulfill liabilities; liquidate the company’s assets. Distribution among shareholders of the assets remaining after satisfying or securing creditors may not take place before the expiration of six months from the date of liquidation. After the shareholders’ meeting approves the financial statements as of the date prior to the distribution to the shareholders of the assets remaining after satisfying or securing the creditors (liquidation report) and the liquidation is completed, the liquidators should announce the report at the company’s registered office and file it with the registry court, at the same time filing an application to remove the company from the register. The liquidator or receiver should also notify the relevant tax office of the dissolution of the company, providing a copy of the liquidation report. The dissolution of the company follows liquidation, with the deletion of the company from the register.