Exam 36: Corporate Formation and Financing

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

Which of the following is true for a corporation's liability on the promoters' contracts if the corporation is never formed?

Shareholders of a closely held corporation play a minor role in its management.

A corporation can be incorporated in several states.

A ________ is a long-term unsecured debt instrument that is based on a corporation's general credit standing.

________ is a general rule of corporate law that provides that generally shareholders are liable only to the extent of their capital contributions for the debts and obligations of their corporation and are not personally liable for the debts and obligations of the corporation.

The Revised Model Business Corporation ACT (RMBCA)provides that corporate existence begins when the articles of incorporation are filed.

A corporation in the state in which it was formed is referred to as a(n)________.

Explain how articles of incorporations may be amended.

A corporation is a foreign corporation in states other than the one in which it is incorporated.

A(n)________ is a debt security with a maturity of five years or less.

Which of the following is true for a corporation's incorporation in a state?

Which of the following elects members of the board of directors for a corporation?

What is the conversion right for preferred stocks?

Involuntary dissolution of a corporation that is ordered by the secretary of state if a corporation has failed to comply with certain procedures required by law is known as ________.

Shares that are repurchased by a corporation are called unissued shares.

An act by a corporation that is beyond its express or implied powers is called a(n)________.

A corporation is dissolved upon the effective date of the articles of dissolution.

A detailed set of rules adopted by the board of directors after a corporation is incorporated that contains provisions for managing a corporation are referred to as ________.

The ________ is the basic governing document of a corporation which must be filed with the secretary of state of the state of incorporation.