dissolution of corporation

Definition of "dissolution of corporation"
  1. The process to end a corporation's legal existence by filing necessary documents with a state authority, either voluntarily by shareholder resolution or forcibly by a government action like unpaid taxes
How to use "dissolution of corporation" in a sentence
  1. The company faced dissolution of corporation after failing to pay taxes for consecutive years.
  2. The shareholders voted for the dissolution of corporation to minimize their liabilities.
  3. Due to bankruptcy, the business was heading towards dissolution of corporation.

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