Corporation I

A corporation is the only form of organization which can be not for profit. True or False?

False

A partnership and a corporation have easy ability to transfer ownership to a new person. True or False?

False

A public corporation is one where the only stockholder is the government. True or False?

False

Corporations are taxed as a corporation and when the money is distributed to owners, taxed again at the individual level. True or False?

False

The stockholders elect the _________ which make the executive decisions.

directors

A Texas corporation operating in Oklahoma is called a __________ corporation.

domestic

A public corporation means the stock is traded on the New York Stock Exchange. True or False?

false

A sole proprietorship and a corporation can have perpetual existence.

false

A corporation formed in Brazil but doing business in Oklahoma is called a _______ corporation.

foreign

A corporation can be formed by ____________ person(s)

one or more

A closely held corporation and a publicly traded corporation have the same disclosure requirements. True or False?

False

The owner of a corporation is called a:

stockholder, shareholder

The owner of a corporation has limited liability which is limited by

the amount spent on the shares of stock

The minimum time needed to charter a new Oklahoma corporation is _________.

two weeks?

Corporate acts are beyond the express or implied powers of the corporation as stated in state statute or the corporation's own articles of incorporation and are considered to be

ultra vires

A corporation is a separate legal entity from its owners. True or False?

True

In America, corporations are created under uniform federal law. True or False?

True

The corporation is liable for the torts committed by its agents or officers within the course and scope of their employment under the doctrine of Respondent Superior. True or False?

True

The minimum number of directors to conduct official corporate business, usually a majority, is called ____________.

quorum

Which personal rights does a corporation NOT have?

right to remain silent