Exam 39: Corporate Formation and Financing

​In the absence of express constitutional, statutory, or other provisions, the corporation has no implied powers.

A business that holds itself out as being a corporation may not be able to deny corporate status, even if it makes no attempt to incorporate.

Harry and Ilene want to market a new line of kayaks and related gear under the brand name Journeys as a corporation-Journeys Inc. To avoid income taxes at the corporate level, they should form

Owen is a registered agent for Pods & Phones, Inc., which incorporated in California. As a registered agent, Owen​

​The board of directors makes corporate policy decisions.

A firm named Biometric Research makes an attempt to incorporate for a purpose other than making a profit. Biometric is

A court will pierce the corporate veil of a corporation when the corporate privilege is abused for personal benefit.

Dollars & Sense, Inc., is incorporated in the state of New Jersey and is doing business in the state of New York. In New York, Dollars & Sense is properly referred to as

The state can dissolve a corporation for failing to pay taxes.

In corporate law, acts of a corporation that are beyond its express or implied powers are de facto acts.

A corporation does not have perpetual existence in most states unless the articles of incorporation state otherwise.

A corporation possesses the same right of access to the courts as a citizen.

The articles of incorporation serve as a primary source of authority for a corporation's business operations.

Flo and Glen form Health Food Inc. to coordinate the purchase, sale, and delivery of food products from organic farms to hospitals and other institutions. The stated purpose is to make a profit and to have a material positive impact on society and the environment. Health Food is

A corporation cannot be formed for purposes other than making a profit.

Bylaws are the internal rules of management for a corporation.

​A publicly held corporation is any corporation whose shares are publicly traded in a securities market.

​Dennis and Eve want to form and do business as a corporation-Farm-2-Fork Inc. A corporation is

Equestrian Stables Corporation's articles list an incorrect address for its incorporator. Under this circumstance, Equestrian Stables is most likely

Boutique Bodega Corporation would like to change its corporate status to that of an S corporation. To qualify, the shareholders must not be