Which of the Following Is True Regarding Quill's Suggestion That

question 29

Multiple Choice

Which of the following is true regarding Quill's suggestion that dissolution be implemented quickly in order to avoid claims by creditors?

• A) His suggestion was a good one because in that way, the claims could likely be avoided.
• B) His suggestion would not avoid claims because the law requires that creditors be allowed at least 120 days after dissolution in order to make a claim.
• C) Whether or not his suggestion will help depends on the corporation's articles of incorporation which set forth the time period during which creditors may file claims following dissolution.
• D) Whether or not his suggestion will help depends on the corporation's bylaws which set forth the time period during which creditors may file claims following dissolution.
• E) His suggestion was a good one only for debts outstanding for over 1 year; otherwise, the creditors have at least six months following dissolution in which to make claims.

---

Definitions:

Global Reporting Initiative

Promotes environmental, economic and social responsibility.

Environmental Responsibility

The duty that individuals and organizations have to act in ways that protect and benefit the environment.

Economic Responsibility

denotes a company's or individual's obligation to make decisions that positively impact the economic well-being of society, including prudent use of resources and fair economic practices.

C.K. Prahalad

An influential business thinker known for his work on core competencies and the bottom of the pyramid concept.