Complete Liquidation VS Dissolution (2 of 3) Liquidation status Corporation ceases to be going concern Activities for purpose of winding up its affairs, paying debts, distributing remaining property to shareholders Retention of nominal assets does not alter liquidation status4 Complete Liquidation vs. Dissolution(2 of 3) Liquidation status –Corporation ceases to be going concern –Activities for purpose of winding up its affairs, paying debts, & distributing remaining property to shareholders –Retention of nominal assets does not alter liquidation status