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- Under the corporate form of business organization, Group of answer choices a)ownership rights are easily transferred b)a stockholder is personally liable for the debts of the corporation c)stockholders’ acts can bind the corporation even though the stockholders have not been appointed as agents of the corporation d)stockholders wishing to sell their corporate shares must get the approval of other stockholdersTrue or False 1. Whether or not the contracts and transactions entered into by a corporation are binding will be decided on by its governing body 2. For convenience, professionals who practice their professions are allowed to create a corporation for their practice. 3. In non-stock corporations, voting rights do not have anything to do with membership unlike in stock corporations. 4. As a rule, a contract entered into by a corporation with one or more of its trustees or directors, members or stockholders or corporate officers is void.Under the Corporate form of business: the corporation is subject to double taxation a shareholder can be personally liable for the debts of the corporation. shareholders can bind the corporation through mutual agency shareholders need the approval of the board of directors to sell their shares of stock the life of the corporation is limited
- 87. Which is not one of the basic shareholders' rights? * A. The right to participate in earnings. B. The right to maintain one's proportional interest C. The right to participate in the proceeds of the sale of corporate assets upon liquidation of the corporation. D. The right to inspect the accounting records. 88. The preemptive right of an ordinary shareholder is the right to * A. Share proportionately in corporate assets. B. Share proportionately in any new issue of shares of the same class. C. Receive cash dividends annually. D. Exclude preference shareholders from voting rightsWhich of the following is not a power held by a corporation's shareholders? removal of corporate officers approval of changes in the structure of the corporation veto of the sale of substantial corporate assets election of the corporation's board of directors1.Which of the following is NOT one of the basic shareholder's rights? Which of the following is NOT one of the basic shareholder's rights? The right to participate in the proceeds of the sale of the corporation upon liguidation. The right to inspect the records of the corporation The right to maintain one's proportional interest in the corporation. The right to participate in earnings 2.
- Direction: Write T if the statement is correct and F if the statement is incorrect. On the space provided, explain using the concepts discussed why your answer to a statement is T or F. 1. A corporation can be formed by mere agreement among shareholders. 2. Shareholders are not liable to corporate obligations in excess of their contribution. 3. Authority of the corporation to operate has to be granted by the state. 4. Death of a shareholder will dissolve the corporation. 5. Shares cannot be transferred without the consent of the other shareholders. 6. All incorporators are subscribers but a subscriber need not be an incorporator. 7. The ultimate control of the corporation rests with the board of directors. 8. Shareholders can transact business on behalf of the corporation. 9. All incorporators are shareholders but not all shareholders are incorporators. 10. In a corporation, minority shareholders are compliant to the wishes of the majority.27.Which of the following is not one of the basic shareholders rights Group of answer choices The right to inspect the accounting records of the company The right to participate in the proceeds of the sale of corporate assets upon liquidation of the corporation The right to participate in earnings The right to maintain one's proportional interest in the corporationA C corporation can be described as: (a) A business that is separate and distinct from its owners, allowing the owners to conduct business while limiting their personal liability. (b) A business association defined by federal statute. (c) A legal entity that has more than one shareholder. (d) A type of corporation where owners have limited liability, and income, expenses, and deductions flow through to the shareholders and are taxed only at the shareholder level.
- What is the control requirement of § 351? Describe the effect of the following in satisfying this requirement: A shareholder renders only services to the corporation for stock. A shareholder renders services and transfers property to the corporation for stock. A shareholder has only momentary control after the transfer. A long period of time elapses between the transfers of property by different shareholders.Which of the following represents one of the basic rights of stockholders? a. Stockholders may sell their stock back to the company if they wish. b. Stockholders may authorize a business contract on behalf of the corporation. c. Stockholders may determine at what price the company issues stock. d. Stockholders may participate in management by voting on corporate matters.Which of this statement shows the advantage to form a corporation? Select one: a. Owner must absorb all losses b. Ability to raise large amounts of capital is increased c. Control of corporation not guaranteed by partial ownership of stock d. Business terminates immediately upon death of owner