Dissolution Of Corporation Legal Meaning and Definition

Here is a simplified definition of the legal term Dissolution Of Corporation.

Dissolution of Corporation (noun): This term refers to the formal conclusion or discontinuation of a corporation, either voluntarily or forced by a government agency. It can occur voluntarily, in which the corporation settles all debts, distributes any remaining assets, and files dissolution documents with the Secretary of State. Alternatively, it may be enforced by the state due to failure in fulfilling certain obligations such as unpaid corporate taxes. These actions lead to a suspension, resulting in involuntary dissolution.