A Corporation Can Be Dissolved

question 74

Multiple Choice

A corporation can be dissolved:

• A) by the board of directors with shareholder approval
• B) by the secretary of state for certain failures by the corporation
• C) through a judicial proceeding
• D) All of these are correct.

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Definitions:

Withholding Allowances

Claims made by employees on their W-4 form to reduce the amount of federal income tax withheld from their paychecks.

Tax Liability

The total amount of tax owed by an individual or corporation to the tax authorities.

Monthly Schedule Depositor

A designation for businesses that determines how frequently they must deposit employment taxes to the IRS based on their payroll size.

Semiweekly Schedule Depositor

A designation for businesses that must deposit payroll taxes on a semiweekly basis, determined by the amount of their tax liability.