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LSDefine

Simple English definitions for legal terms

dissolution of corporation

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A quick definition of dissolution of corporation:

Dissolution of corporation means closing down a company. This can be a complicated process, especially if there are many owners and assets. First, the corporation needs approval from its board of directors and shareholders. Then, it must pay any taxes and debts owed to the government and other parties. Finally, the corporation must sell off its assets and distribute the money to creditors and shareholders. The order of who gets paid first is determined by the corporation's agreements and legal requirements.

A more thorough explanation:

Dissolution of corporation refers to the process of closing down a corporate entity. This can be a complex process, especially for corporations with multiple owners and assets.

The process of dissolving a corporation involves several steps:

  1. Getting approval from the board of directors and shareholders
  2. Filing required paperwork and paying fees to the federal and state governments
  3. Dissolving assets, closing accounts, and distributing cash to creditors and shareholders

Before a corporation can be dissolved, any outstanding taxes and liabilities must be paid. The selling off of assets can also be a lengthy process, depending on the size and industry of the corporation.

ABC Corporation has decided to dissolve. The board of directors and shareholders have approved the decision. ABC Corporation then files the necessary paperwork and pays the required fees to the federal and state governments. The corporation then begins the process of selling off assets, closing accounts, and distributing cash to creditors and shareholders.

This example illustrates the steps involved in the dissolution of a corporation. It shows that the process can be complex and time-consuming, but is necessary for closing down a corporate entity.

dissolution | dissolution of marriage

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TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
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true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
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