When a Corporation Is Liquidated,the First Group of Persons to Be
When a corporation is liquidated,the first group of persons to be paid are the preferred creditors.
When a corporation issues more than one class of shares,the specific rights of each class do not have to be set out in the constitution.
Edith is the only shareholder and director of Edie Inc. ,a corporation incorporated by Edie two years ago.Edie is also the president of Edie Inc.Edie Inc.has no employees and no assets.Edie will be personally liable to creditors of Edie Inc.
A professional corporation is a special type of corporation that may be established by members of a profession.