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Hi, Im Greg Brown. Today, were talking about dissolving a corporation. The process by which a corporation ceases to exist is called dissolution. It can occur at any time by a vote of 50% of the corporations shareholders. Now there are a number of reasons why a corporations shareholders may want to dissolve the corporation. However, California law places certain restrictions on the dissolution process to ensure that it is not abused. One major restriction is that a corporation cannot use dissolution to avoid paying its debts or obligations. So what are the obligations upon dissolution? When a corporation dissolves it generally must stop doing business in all respects and liquidate its assets to pay off its creditors and shareholders. When a corporations assets are liquidated they must first be used to pay off outstanding debts that the corporation owes and in many cases even those debts owed to the shareholders. Only after all outstanding debts have been paid can the corporation di
