ACC 480 Chapter 39 Exam Questions With 100% Correct Answers.

ACC 480 Chapter 39 Exam Questions With 100% Correct Answers. A shareholder can sue a corporation, and a corporation can sue a shareholder. (True/False) - answerTrue Generally, a promoter is personally liable on a pre-incorporation contract. (True/False) - answerTrue A foreign corporation is a corporation formed in another country but doing business in the United States. (True/False) - answerFalse Any power set out in a corporation's charter or bylaws is ultra vires. (True/False) - answerFalse To a corporation, stocks represent corporate ownership. (True/False) - answerTrue To a corporation, bonds represent corporate debt. (True/False) - answerTrue S corporations cannot avoid federal taxes at the corporate level. (True/False) - answerFalse In some states, a close corporation can operate without formal shareholders' or directors' meetings.