Dissolution Flashcards
1
Q
Dissolution
A
Corporation may voluntarily terminate its status
2
Q
Winding Up
A
Dissolved corporation may continue to exist for the limited purpose of concluding its affairs and liquidating its business
Distribution of Assets:
Upon dissolution, assets must be distributed in the following order:
1) Creditors of corporation
2) Shareholders of stock with preferences in liquidation
3) Other remaining shareholders of stock
