Exam 33: Nature,formation,and Powers

Tavin,employed by Moreba Corporation,fraudulently represents Moreba's product while attempting to make a sale.Tavin,but not Moreba Corporation,may be found liable for fraud.

Under the RMBCA,a corporation can act as an incorporator of another corporation.

The majority of courts view a stock subscription as merely an offer that cannot be accepted until:

Which of the following may influence a promoter to choose to incorporate in a particular state?

A postincorporation subscription is:

Zeron Corporation is incorporated in West Virginia.It now wants to open a retail outlet in Kentucky.Zeron must obtain a certificate of authority allowing it to do business in Kentucky.

The Internal Revenue Service allows taxation of certain corporations to be similar to that of partnerships.

A suit may be brought by the state to challenge the existence of a de facto corporation in a quo warranto action.

Which of the following names would NOT be permitted under most general incorporation statutes?

Define "promoter" in reference to a corporation.

Whether a corporation is a de facto corporation may be challenged by:

Tolkien Corporation,incorporated in Delaware,opens a warehouse in a western state from which it ships goods.If Tolkien does not have a certificate of authority to do business within the western state:

If an act is ultra vires,it is beyond the legal authority of the corporation.

Which of the following is not a characteristics of a corporation?

A corporation formed in substantial compliance with the incorporation statute and the required organizational procedures is a:

In corporations,the managers are necessarily owners.

Which of the following is correct regarding the characteristics of a corporation?

Which of the following run the day-to-day operations of a corporation?

The business corporation is a key institution not only in the American economy but also in the world power structure.

A corporation is considered a citizen: