A corporation shall remain as a body corporate for three (3) years after the effective date of dissolution for purposes of liquidation.Group of answer choicesTrueFalse

If a corporation does not formally organize and commence its business within five (5) years from the date of its incorporation, its certificate of incorporation shall be deemed revoked as of the day following the end of the five (5) year-period.Group of answer choicesTrueFalse

The dissolution of a partnership is the same as the liquidation of a partnership. Group of answer choicesTrueFalse

The life of a corporation ______.Multiple choice question.ends when all of the original shareholders are deceased.is limited to 65 yearsends when a founding shareholder wants to sell his sharesis unlimited

On dissolution of the firm, partners’ capital accounts are closed throughRealisation A/cDrawing A/cBank A/cLoan A/c

The partnership is terminated upon dissolution thereof.Group of answer choicesTrueFalse