Podcast
Questions and Answers
Which type of corporation is owned by a small group of people and not publicly traded?
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?
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?
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?
What is the term used to describe the process of combining two or more corporations into a single entity?
What is the term used to describe the portion of a corporation's profits that is distributed to its shareholders?
What is the term used to describe the portion of a corporation's profits that is distributed to its shareholders?
What is the term used to describe the group of individuals elected by the shareholders to oversee the management of a corporation?
What is the term used to describe the group of individuals elected by the shareholders to oversee the management of a corporation?
What is the term used to describe a corporation that is owned by a large number of individuals and is publicly traded?
What is the term used to describe a corporation that is owned by a large number of individuals and is publicly traded?
What is the term used to describe the legal document that establishes a corporation and its structure?
What is the term used to describe the legal document that establishes a corporation and its structure?
What is the term used to describe a corporation that is owned by a small group of individuals and is not publicly traded?
What is the term used to describe a corporation that is owned by a small group of individuals and is not publicly traded?
What is the term used to describe the act of selling the assets of a corporation rather than selling the corporation itself?
What is the term used to describe the act of selling the assets of a corporation rather than selling the corporation itself?
What is the term used to describe the minimum number of members required to be present for a meeting to conduct business?
What is the term used to describe the minimum number of members required to be present for a meeting to conduct business?
What is the term used to describe the act of a corporation doing something beyond its legal authority or power?
What is the term used to describe the act of a corporation doing something beyond its legal authority or power?
What is the term used to describe the process of ending a corporation's existence and liquidating its assets?
What is the term used to describe the process of ending a corporation's existence and liquidating its assets?
What is the term used to describe the individuals responsible for the day-to-day operations of a corporation?
What is the term used to describe the individuals responsible for the day-to-day operations of a corporation?
What is the term used to describe the legal obligation of a corporation to act in the best interest of its shareholders?
What is the term used to describe the legal obligation of a corporation to act in the best interest of its shareholders?
