A more thorough explanation:

Withdrawal of a corporation, also known as dissolution of a corporation, is when a corporate entity is terminated. This can happen voluntarily or involuntarily. It becomes more complicated when there are more owners and assets involved.

The first step in ending a corporation is getting the necessary approval within the corporation for the dissolution. This usually involves a vote by the board of directors and shareholders, but the requirements may vary depending on local laws and the articles of incorporation.

For example, in Delaware, a majority of the whole board can call a meeting for dissolution and vote for it. If all stockholders entitled to vote agree to the withdrawal of the corporation in writing, then a certification should be filed to the Secretary of State of Delaware, without the authorization of the directors.

After getting the necessary approvals, the corporation must satisfy the required filings and fees for the federal and state governments in which the business is registered. This ensures that the corporation stops incurring taxes and future liabilities. Before completing this step, taxes and potentially other liabilities such as court settlements must be paid by the corporation.

Lastly, the corporation must go through the process of dissolving assets, closing any other accounts, and distributing cash to creditors and shareholders. The selling off of assets can be a long process depending on the size and industry of the corporation. Laws and often the articles of incorporation may outline how the assets are to be liquidated at the end of business.

For example, if a corporation goes bankrupt, the hierarchy of who receives the proceeds from the asset liquidation is usually controlled by the debt obligations, articles, and other agreements of the corporation as well as detailed legal requirements.

In summary, withdrawal of a corporation is the termination of a corporate entity, which involves getting necessary approvals, satisfying required filings and fees, and dissolving assets. The process can be complicated and varies depending on local laws and the articles of incorporation.