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
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- Which of the following characteristics best describes a corporation? business with a single owner Is not taxed Stockholders not personally liable for entity’s debts Not a separate taxable entity1.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.Who is liable for a corporation's debts and obligations? OA. the limited partners OB. the general partners OC. the corporation OD. the registered agent OE. the shareholders
- A 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.Which of the following is not true of a corporation? Oa. It may enter into binding legal contracts in its own name. Ob. It may sue and be sued. c. The acts of its owners bind the corporation. Od. It may buy, own, and sell property.What principle is applied when the properties bought by a corporation is wholly owned by the corporation? This principle also requires that all the properties of the corporation must be used for the benefit of the corporation only. None of the above Corporation is created by operation of law Corporation has a right of succession Separate and distinct personality of the corporation
- Which of the following is not a characteristic of a corporation? a.Corporations experience an ease in obtaining large amounts of resources by issuing stock. b.A corporation's resources are limited to its individual owners' resources. c.Ownership is divided into shares of stock. d.Corporations are organized as a separate legal taxable entity.Which of the following is a characteristic of a corporation?a. No income taxb. Limited liability of stockholdersc. Mutual agencyd. Both b and cWhich of the following is true of a "Subchapter S Corporation"? The corporation is subject to double taxation. O The company is not really a corporation so it is not a separate entity from the stockholders and does not file a tax return. The owners' personal assets are protected from customers and creditors. O Tax on the business income of the company is paid only by the business. O Owners of the equity of this business are called "debtors".
- When may a corporation sell, lease, exchange, mortgage, or pledge all or substantially all of its assets in the usual and regular course of its business? b. When may a corporation sell, lease, exchange, mortgage, or pledge all or substantially all of its assets other than in the usual and regular course of its business? c. What are the rights of a shareholder who dissents from a proposed sale or exchange of all or substantially all of the assets of a corporation other than in the usual and regular course of its business?If the corporation intends to shorten its life, what is the remedy of the corporators? Amend the by-laws Amend the articles of incorporation Dissolve the corporation Amend the certificate of incorporationPass through. If the corporation is structured as an S corporation, profits and losses are well-versed to the shareholders, in order that the corporation doesn't pay financial gain taxes. Can you help me understand what that is, with details?