Dissolution of a corporation that has begun business or issued shares upon recommendation of the board of directors and a majority vote of the shares entitled to vote is known as ________.

Question

Quizplus · Accepted Answer

Voluntary dissolution is the correct option. Dissolution can be initiated voluntarily by the corporation itself, upon the recommendation of the board of directors and a majority vote of the shareholders entitled to vote. It allows the corporation to wind up its affairs in an orderly manner and distribute its assets to the shareholders.

Dissolution of a Corporation That Has Begun Business or Issued