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Source Mergers and Dissolution Official Sources Matched to this deck.

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A corporation's shareholders want to end the business voluntarily and wind up after paying creditors.
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Voluntary dissolution requires the state filing office to appoint a new board of directors to operate the business indefinitely. Voluntary dissolution generally follows statutory approval procedures and is followed by winding up, creditor payment, and distribution of surplus. Voluntary dissolution allows shareholders to take all assets immediately because creditors must sue the former officers instead. Voluntary dissolution may be approved only by unanimous director vote and never by shareholders.

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