Exam 36: Corporate Formation and Financing

Dissolution of a corporation that has begun business or issued shares upon recommendation of the board of directors and a majority vote of the shares entitled to vote is known as ________.

A foreign corporation can conduct intrastate commerce if it obtains a certificate of authority from the state.

Which of the following is true of an S corporation?

A(n)________ is a clause that can be included in the articles of incorporation that permits the corporation to engage in any activity permitted by law.

Authorized shares that have not been sold by the corporation are known as ________.

________ is a type of equity security that represents the residual value of a corporation.

An S corporation can have nonresident aliens as shareholders.

Which of the following must be included in an article of incorporation?

Which of the following is a definition of a foreign corporation?

A person or corporation that is empowered to accept service of process on behalf of a corporation is referred to as a(n)________.

The RMBCA provides that corporate existence begins when the articles of incorporation are filed.

A panel of persons who are elected by the shareholders that make policy decisions concerning the operation of a corporation is known as ________.

Judicial dissolution of a corporation can be instituted by the attorney general of the state of incorporation if the corporation ________.

A corporation that is incorporated in another country is known as a(n)________.

________ is a preferred stockholder right to be paid a stated dollar amount if a corporation is dissolved and its assets redistributed.

Foreign corporations can elect to be taxed as an S corporation.

Shareholders are liable for the debt and obligations of a corporation.

Stock for which any missed dividend payments must be paid in the future to the preferred shareholders before the common shareholders can receive any dividends are known as ________.

Any corporation with more than 100 shareholders is automatically considered a C corporation for federal income tax purposes.

Secured bondholders can foreclose on the collateral in the event of nonpayment of interest.