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Question
What are the various ways through which a corporation can be dissolved?
The various ways through which a corporation can be dissolved are:
Voluntary dissolution: This kind of dissolution happens through the action of a corporation's directors and shareholders. Voluntary dissolution becomes effective once the corporation submits the articles of dissolution with the secretary of state and the articles of dissolution are filed by the secretary of state.
Administrative dissolution: It requires that the secretary of state give written notice to the corporation of the grounds for dissolution. If, within 60 days, the corporation has not corrected the default or demonstrated that the default does not exist, the secretary dissolves the corporation by signing a certificate of dissolution.
Judicial dissolution: The shareholders, secretary of state, or the creditors of a corporation may ask a court to order the involuntary dissolution of a corporation.
Answer
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