Discuss how a corporation is terminated

?Ordinarily, terminating a corporation is a three-step process. First, the directors recommend to the shareholders that the corporation be dissolved, and a majority of the shareholders agree. Second, the corporation files "Articles of Dissolution" with the Secretary of State. Third, the officers of the corporation pay its debts and distribute the remaining property to shareholders. When this winding up is completed, the corporation ceases to exist. Alternatively, the Secretary of State may dissolve a corporation that fails to comply with state requirements or a court may dissolve a corporation if it is insolvent or if its directors and shareholders cannot resolve conflict over how the corporation should be managed.