22

What is meant by the "piercing the corporate veil"?

Corporate directors, officers, and shareholders may be held personally liable to a person damaged by an act of the corporation

A corporation whose shares are not publicly traded is a partnership.

False

A __________ corporation is a corporation created by the government to help administer law.

Public

A promoter is personally liable for a pre-incorporation contract until the corporation assumes liability.

True

The articles of incorporation serve as a primary source of authority for a corporation

True

Jessica's Jumpin' Jelly Beans, LLC, is a limited liability company. Unless indi¬cated otherwise on Jessica's federal tax form, the firm will be taxed as

a partnership

A corporate charter is filled with:

a states Secretary of State office.

A[n] ______ corporation is a business incorporated in another country.

alien

Directors of a corporation are:

elected by shareholders

A corporation is incorporated:

under state law