7. The ultimate control of the corporation rests with the board of directors.

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.

Read Section 13611. What are the 4 requirements?2. What Form is used to elect S Corporation?

Who is responsible for overseeing corporate activities?

Differentiate between closely held and publicly owned corporations.

Which of the following are in keeping with Corporate Governance?     a   Shareholders own the company     B. Board of Directors own the company     C. CEO and top management own the company     D. Answers a and b     E. Answers a and c

Limited liability for a company applies to: Select one: a. the shareholders b. the individual directors Oc. the managers Od. the board of directors collectively

Explain the nature of the fiduciary duties owed by a director. Discuss specifically the four (4) areas relating to the directors’ duty of loyalty to the company.

State two desired characteristics of the Board of Directors of an effective corporation.

which of the following is a control right? shareholders right to elect the members of the board of directors and to receive the remaining liquidated value of assets  shareholders rights to receive the remaining liquidated value of assets  shareholders right to elect the members of the board of directors bondholders right to receive interest payments