The owners of ABC Corporation have decided to terminate the company. What is the proper procedure for winding up the business?

A$.$ The company should first pay off its creditors and then distribute any remaining assets to the shareholders.

B$.$ The company should distribute its assets to the shareholders in proportion to their ownership interests.

C$.$ The company should sell its assets and distribute the proceeds to the shareholders.

D$.$ The company should simply dissolve and its assets will become the property of the state.