The ending of a corporation, either voluntarily by filing a notice of dissolution with the Secretary of State or as ordered by a court after a vote of the shareholders, or involuntarily through government action as a result of failure to pay taxes. During dissolution, corporate assets are liquidated and distributions are made to pay off corporate debts.
Definition from Nolo’s Plain-English Law Dictionary
Termination of a corporation with the Secretary of State or state corporations division by filing documents to withdraw the corporation as a business entity. Dissolution can either be started voluntarily, by resolution of the shareholders, or involuntarily, for not paying corporate taxes or some other action of the government.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:14 pm