Legal Question in Business Law in Illinois

What happens to tangible assets and intellectual property when a Corporation is dissolved in Illinois?


Asked on 2/02/12, 2:54 pm

1 Answer from Attorneys
Sanford M. Martin Sanford M. Martin, P.A.

If the articles of incorporation or shareholders agreement do not address the issue

of property distribution in the event of dissolution, the property belongs to the

shareholders for whom the directors may determine the sharing of such property,

after payment of corporation debts.

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Answered on 2/02/12, 2:59 pm


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