Dissolution and Liquidation

Question 1

If shares have not yet been issued or business has not yet been commenced, a majority of the incorporators or initial directors may dissolve the corporation by doing what?

Answer 1

by delivering articles of dissolution to the state.

Question 2

When dissolving a corporation, all debts must be ________ and all assets must be . . .

Answer 2

paid; distributed to the shareholders.

Question 3

A corporation may dissolve by a corporate act approved under what procedure?

Answer 3

the fundamental change procedure

Question 4

A corporation which has been dissolved continues to exist following its dissolution for what purpose?

Answer 4

winding up the business and liquidating its affairs.

Question 5

What kind of claim can be brought against a dissolved corporation?

Answer 5

a claim for the undistributed assets of the corporation.

Question 6

Can the state dissolve a corporation?

Answer 6

yes