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BUL 5810 – CORPORATIONS TEST 2 QUESTIONS WITH REVISED ANSWERS
BUL 5810 – CORPORATIONS TEST 2 QUESTIONS WITH REVISED ANSWERS Which of the following is the basic governing document of a corporation? - Answer-Articles of Incorporation The incorporators would typically do which of the following? a. Purchase outstanding shares. b. Assemble the assets. c. Sign the charter. - Answer-Assemble the assets Whether a corporation is a de facto corporation may be challenged by: - Answer-the state in which the business attempted to incorporate ...
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Exam (elaborations)
BUL 5810 – CORPORATIONS TEST 2 QUESTIONS WITH REVISED ANSWERS
PopularBUL 5810 – CORPORATIONS TEST 2 QUESTIONS WITH REVISED ANSWERS The Ajax Corporation issues bonds that pay a minimum of 6% interest but that can pay more if corporate earnings reach certain specified levels. The holder of the bond may exchange it for stock of the corporation. This bond would be a: - Answer-convertible bond Allen owns 200 of the 1,000 shares outstanding of General Myopics. GM plans to issue 1,000 new shares. If Allen has preemptive rights, he may buy: - Answer-200 shares at t...
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Exam (elaborations)
BUL 5810 – CORPORATIONS TEST QUESTIONS WITH CERTIFIED ANSWERS
BUL 5810 – CORPORATIONS TEST QUESTIONS WITH CERTIFIED ANSWERS Wyatt, the sole stockholder of International Travel Corporation, wrongfully used the corporation to avoid a personal liability. A court's disregarding the corporate entity and holding Wyatt personally liable is called: - Answer-piercing the corporate veil Claire opened Claire's Beauty Parlor in her home. She solicited funds to begin the business from Jack, who believed that the business was incorporated. Claire had, in fact, ...
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Exam (elaborations)
BUL 5810 – CORPORATIONS TEST QUESTIONS WITH CERTIFIED ANSWERS
BUL 5810 – CORPORATIONS TEST QUESTIONS WITH CERTIFIED ANSWERS Barbara, a self-made millionaire, wants to start a corporation exclusively for charitable and educational purposes. What type of corporation should Barbara form? - Answer-Non-profit corporation In the case of Harold Lang Jewelers, Inc. v. Johnson, the court found that: - Answer-Lang's business was regular, continuous and substantial such that it was transacting business in North Carolina In the case of Coopers & Lybrand v...
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