Jeopardy Final -Double Jeopardy .pptx
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Broward College
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For tax reasons, it is advisable for a dissolving corporation to adopt this. What is a plan of liquidation? These are the circumstances under which a court may dissolve a corporation on its own initiative. What is if the court believes the corporation exceeded or abused the authority conferred...
For tax reasons, it is advisable for a dissolving corporation to adopt this. What is a plan of liquidation? These are the circumstances under which a court may dissolve a corporation on its own initiative. What is if the court believes the corporation exceeded or abused the authority conferred upon it by law or has perpetrated fraud? These two categories of persons can initiate a judicial dissolution. Who are shareholders and creditors? A dissolving corporation must file this form with the IRS. What is a 966 form? In Florida, if a corporation voluntarily dissolves, it can revoke its dissolution within this time period from the effective date of its articles of dissolution. What is 120 days? Shareholders may inspect these three corporate records. What are 1) corporate minutes, 2) accounting records, and 3) shareholder records? This is the term for a suit that may be brought when you have numerous parties who have the same claim against a corporation. What is a representative shareholder action? This is the term for a suit that may be brought if an individual shareholder is injured by an action of the corporation. What is a direct shareholder action? This is the term for a suit brought by one or more shareholders to enforce a right or remedy of the corporation when the officers of the corporation who would normally bring such a suit fail or refuse to take action. What is a derivative shareholder action? These are the three main causes of derivative shareholder actions. What are waste of corporate assets, corporate management’s self-dealing, and mismanagement? Stock sold for less than par value is referred to as this. What is watered stock? If shares that are not fully paid are issued, they are referred to as this. What is assessable? This account represents the permanent investment capital of a corporation. What is the stated capital account? Corporate accounting typically divides capital into these three accounts. What are stated capital, capital surplus, and earned surplus? This is the term for the total dollar market value of all of a corporation’s outstanding shares. What is market capitalization? In Florida, the name of a dissolved corporation cannot be used by another corporation for this time period. What is one year? This is the typical maximum period for a voting trust. What is ten years? In Florida, a corporation may be administratively dissolved if it is without a registered agent or registered office for this time period. What is 30 days or more? This chapter of the Florida Statutes governs corporations. What is Chapter 607? This is the tax rate for the Florida documentary stamp tax on the issuance of corporate stock. What is $.35 for each $100 or fraction thereof of the value of the stock? This is the name of the reserve account set aside by a corporation for the future redemption of stock. What is a sinking fund? Holders of this stock are accorded a fixed-rate dividend and also share in the residual dividends on the same basis as common stockholders. What is participating preferred stock? Holders of this stock are entitled to back payments of missed dividends if the board of directors fails to distribute dividends in a particular quarter. What is cumulative preferred stock? This is the term for assets used to generate income for a corporation, such as factories and equipment. What is fixed assets? These are the two permissible sources of share dividends. What are treasury shares and authorized but unissued shares?