Compulsory dissolution of a business can arise from

Assessment: JAMB UTME - Commerce - 1994 Subject: Commerce

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Compulsory dissolution of a business can arise from
Answer Details
Compulsory dissolution of a business can arise from a declaration by a court of law. This means that a court of law has ordered the business to be dissolved for various reasons, such as illegal activities or failure to comply with legal requirements. This is different from a voluntary dissolution, where the owners of the business agree to dissolve the business themselves. The termination of a business's life and an unfavourable economic climate can also lead to a business being dissolved, but they are not considered compulsory dissolution as they are not initiated by a legal authority.
Read lesson note on Legal Aspects Of Business (JAMB)
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