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A corporation files dissolution documents while several vendor claims remain unresolved.
What is the legal effect of dissolution?

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Dissolution converts every shareholder into a general partner of the former corporation. After dissolution, a corporation generally continues to exist for winding up, including disposing of property, paying or providing for liabilities, and distributing remaining assets. Dissolution permits the board to distribute assets to shareholders before considering known creditor claims. Dissolution instantly eliminates the corporation and all creditor claims.

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