California Business Law

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Which type of corporation is owned by a small group of people and not publicly traded?

Closely held corporation

What is the term used to describe the act of a corporation doing something beyond its legal authority or power?

Ultra vires act

What is the minimum number of members required to be present for a meeting to conduct business?

Quorum

What is the term used to describe the process of combining two or more corporations into a single entity?

<p>Merger</p> Signup and view all the answers

What is the term used to describe the portion of a corporation's profits that is distributed to its shareholders?

<p>Dividends</p> Signup and view all the answers

What is the term used to describe the group of individuals elected by the shareholders to oversee the management of a corporation?

<p>Board of Directors</p> Signup and view all the answers

What is the term used to describe a corporation that is owned by a large number of individuals and is publicly traded?

<p>Publicly Held Corporation</p> Signup and view all the answers

What is the term used to describe the legal document that establishes a corporation and its structure?

<p>Articles of Incorporation</p> Signup and view all the answers

What is the term used to describe a corporation that is owned by a small group of individuals and is not publicly traded?

<p>Closely Held Corporation</p> Signup and view all the answers

What is the term used to describe the act of selling the assets of a corporation rather than selling the corporation itself?

<p>Sale of Assets</p> Signup and view all the answers

What is the term used to describe the minimum number of members required to be present for a meeting to conduct business?

<p>Quorum</p> Signup and view all the answers

What is the term used to describe the act of a corporation doing something beyond its legal authority or power?

<p>Ultra Vires Act</p> Signup and view all the answers

What is the term used to describe the process of ending a corporation's existence and liquidating its assets?

<p>Dissolution</p> Signup and view all the answers

What is the term used to describe the individuals responsible for the day-to-day operations of a corporation?

<p>Corporate Officers</p> Signup and view all the answers

What is the term used to describe the legal obligation of a corporation to act in the best interest of its shareholders?

<p>Duties</p> Signup and view all the answers

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