Greg Knowles owns a business, Clean and Paint. Clean and Paint has 47 employees, equipment worth $350,000, and signed contracts for work that total $450,000. Tragically, Greg has a massive heart attack and passes away. Greg leaves behind his wife and three children. Which of the following is correct? a. The business is dissolved and cannot continue. b. The equipment will be sold, the business liquidated, and proceeds distributed first to the employees. c. The employees now own the business. d. The business could be liquidated or continued by Greg's heirs.
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