If a corporation is dissolved, its assets can be liquidated without further notice to a party with a claim against the firm.

Question

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Upon dissolution of a corporation, notice must be given to all known creditors so that they have the opportunity to file a claim against the corporation. The corporation's assets must then be used to pay off any outstanding debts to creditors before any remaining assets are distributed to shareholders.

If a Corporation Is Dissolved, Its Assets Can Be Liquidated