California Business Law
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Questions and Answers

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

  • Publicly held corporation
  • Shareholders corporation
  • Board of directors corporation
  • Closely held corporation (correct)
  • What is the term used to describe the act of a corporation doing something beyond its legal authority or power?

  • Ultra vires act (correct)
  • Termination
  • Merger
  • Dissolution
  • What is the minimum number of members required to be present for a meeting to conduct business?

  • One-third
  • Majority
  • All members
  • Quorum (correct)
  • 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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