Xavier and Ciara form a corporation to provide cleaning services to local businesses. After two years of trying to make a go of the business, the profits they had hoped for are just not there. Xavier and Ciara decide to dissolve the corporation and go their separate ways. To terminate the corporate entity, Xavier and Ciara must: Choose three. X pay the corporate debts and distribute remaining funds to themselves. X X file articles of dissolution with the state seek a court order for dissolution vote to terminate

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Xavier and Ciara form a corporation to provide cleaning services to local businesses. After two
years of trying to make a go of the business, the profits they had hoped for are just not there.
Xavier and Ciara decide to dissolve the corporation and go their separate ways. To terminate
the corporate entity, Xavier and Ciara must: Choose three.
X
pay the corporate debts and distribute remaining funds to themselves.
X
X
file articles of dissolution with the state
seek a court order for dissolution
vote to terminate
Transcribed Image Text:Xavier and Ciara form a corporation to provide cleaning services to local businesses. After two years of trying to make a go of the business, the profits they had hoped for are just not there. Xavier and Ciara decide to dissolve the corporation and go their separate ways. To terminate the corporate entity, Xavier and Ciara must: Choose three. X pay the corporate debts and distribute remaining funds to themselves. X X file articles of dissolution with the state seek a court order for dissolution vote to terminate
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