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winding up

n. liquidating the assets of a corporation or partnership, settling accounts, paying bills, distributing remaining assets to shareholders or partners, and then dissolving the business. Winding up a non-profit corporation requires a plan for distribution of assets to some charitable or other non-profit entity under the cy pres doctrine.

See also: corporation  cy pres doctrine  partnership 

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The People's Law Dictionary by Gerald and Kathleen Hill Publisher Fine Communications