Asked by
Antonio Iovine
on Nov 30, 2024
Verified
Dissolution of a corporation does not terminate its existence, and does not require that it liquidate its assets.
Dissolution
The process of legally dissolving a corporation or partnership, involving the distribution of assets to creditors and shareholders, and concluding its affairs.
Liquidate
The process of converting assets into cash or other forms of payment, often used in the context of dissolving a business or paying off debts.
- Understand the effect of dissolution on a corporation's existence and obligations.
Verified Answer
AF
Learning Objectives
- Understand the effect of dissolution on a corporation's existence and obligations.
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