Podcast
Questions and Answers
Which of the following accurately describes a corporation?
Which of the following accurately describes a corporation?
- A corporation is a real person
- A corporation is a natural person
- A corporation is a physical entity
- A corporation is a legal entity created according to statutory requirements (correct)
What is the function of state corporation statutes?
What is the function of state corporation statutes?
- To regulate the formation of partnerships
- To regulate the formation of non-profit organizations
- To regulate the formation, operation, and dissolution of corporations (correct)
- To regulate the formation of sole proprietorships
Which of the following is a power that corporations have?
Which of the following is a power that corporations have?
- The power to sue or be sued in their own names (correct)
- The power to practice law
- The power to vote in elections
- The power to regulate the stock market
True or false: A corporation can only be started with multiple people?
True or false: A corporation can only be started with multiple people?
True or false: Courts do not play a role in resolving corporate and shareholder disputes?
True or false: Courts do not play a role in resolving corporate and shareholder disputes?
A corporation is a ______ legal entity, that is created according to statutory requirements.
A corporation is a ______ legal entity, that is created according to statutory requirements.
Courts interpret state corporation statutes to decide individual corporate and shareholder ______.
Courts interpret state corporation statutes to decide individual corporate and shareholder ______.
Which of the following is NOT a favorable characteristic of corporations?
Which of the following is NOT a favorable characteristic of corporations?
What is the role of the board of directors in a corporation?
What is the role of the board of directors in a corporation?
Under what circumstances can a shareholder be held personally liable for the debts of a corporation?
Under what circumstances can a shareholder be held personally liable for the debts of a corporation?
True or false: Shareholders are personally liable for the contracts and debts of their corporation.
True or false: Shareholders are personally liable for the contracts and debts of their corporation.
True or false: Corporate shares are not freely transferable by the shareholder.
True or false: Corporate shares are not freely transferable by the shareholder.
True or false: There is a general federal corporations law governing the formation and operation of private corporations.
True or false: There is a general federal corporations law governing the formation and operation of private corporations.
With limited liability of shareholders, shareholders are only liable to the extent of their capital contributions for the contracts and debts of their corporation. Shareholders are not personally liable for the contracts and debts of the corporation. Even a sole shareholder won’t be held personally ______.
With limited liability of shareholders, shareholders are only liable to the extent of their capital contributions for the contracts and debts of their corporation. Shareholders are not personally liable for the contracts and debts of the corporation. Even a sole shareholder won’t be held personally ______.
Corporations exist in perpetuity, unless specific duration is stated in articles of incorporation. Corporations can be voluntarily terminated by the shareholders or involuntarily terminated by the corporation’s ______.
Corporations exist in perpetuity, unless specific duration is stated in articles of incorporation. Corporations can be voluntarily terminated by the shareholders or involuntarily terminated by the corporation’s ______.
In a corporation, the board of directors makes policy decisions concerning the operation of the corporation. Members of the board of directors are elected by the shareholders. Directors appoint corporate officers to run the corporation’s ______ operations.
In a corporation, the board of directors makes policy decisions concerning the operation of the corporation. Members of the board of directors are elected by the shareholders. Directors appoint corporate officers to run the corporation’s ______ operations.
Which of the following is NOT a characteristic of corporations?
Which of the following is NOT a characteristic of corporations?
What is the role of the board of directors in a corporation?
What is the role of the board of directors in a corporation?
Which of the following is a characteristic of a closely held corporation?
Which of the following is a characteristic of a closely held corporation?
What is the main difference between a publicly held corporation and a closely held corporation?
What is the main difference between a publicly held corporation and a closely held corporation?
What is a possible disadvantage of being a shareholder in a closely held corporation?
What is a possible disadvantage of being a shareholder in a closely held corporation?
What is a possible advantage of being a shareholder in a closely held corporation?
What is a possible advantage of being a shareholder in a closely held corporation?
