Court-ordered corporate termination. Court must be in the state where the company incorporated. Request for dissolution typically from the state attorney general (AG )or shareholders (SH) if the company is publically traded. If a company fails to comply with state tax laws and regulations, like administration or statutory regulations, the AG can petition for dissolution. Abuse of power, fraudulent activities, and other illegal acts are cause for a dissolution petition by shareholders. Even a deadlock situation between the directors when shareholders cannot break the deadlock is reason for a shareholder to file a petition for dissolution.
What is JUDICIAL DISSOLUTION?
Featuring Black’s Law Dictionary
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