Which of the following is true regarding liquidation?
A) Liquidation is another name for dissolution.
B) It is the process by which the board converts the corporation's assets into cash and distributes them among the corporation's creditors and shareholders.
C) It begins immediately prior to dissolution.
D) It is the process by which the board provides notice to the secretary of state that the corporation will no longer remain in existence.
E) Liquidation duties fall upon officers of the corporation.

Question

Quizplus · Accepted Answer

Liquidation is the process by which the board of directors converts the corporation's assets into cash and distributes them among the corporation's creditors and shareholders.

Which of the Following Is True Regarding Liquidation