The Law of Corporations and Other Business Organizations
Chapter Glossary
| administrative dissolution | The dissolution of a corporation by the state of the corporation’s domicile, usually for failing to pay income taxes or file annual reports.
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| articles of dissolution | A document filed with the secretary of state or other appropriate state authority to dissolve the corporation.
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| involuntary dissolution | A dissolution that is not approved by the board of directors or shareholders of a corporation, often initiated by creditors of an insolvent corporation.
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| liquidation | Winding up the affairs of a business by identifying assets, converting them into cash, and paying off liabilities (liquidate the company).
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| voluntary dissolution | A dissolution that is approved by the directors and shareholders of the corporation.
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