Exam 33: Corporate Formation and Financing

The incorporation of the town of Halfway,Oregon,is approved by the state. Halfway is

The purpose of a corporation may be specified in its articles of incorporation.

A corporation whose shares are all held by a single person is a close corporation.

Wiley incorporates his business as Wiley Wire Corporation in Texas. He and his group of shareholders intend to make a profit from their sales of fencing wire. Wiley Wire Corporation is

Selecting the state in which to incorporate is an important step in the incorporation procedure.

Jennifer and Kaylan would like to form Lunch Truck,Inc.,to enter the food vending business. Most likely,the articles of incorporation for Lunch Truck will not include

The shares of Home Mortgage Corporation are publicly traded in securities markets. Home Mortgage Corporation is

Bylaws are the internal rules of management for a corporation.

When a corporation earns profits,it must pass them on to shareholders in the form of dividends.

Rita and Susan want to form and do business as Trips & Travel Agency,Inc. They will serve as the firm's directors and officers,and will initially hold all of the stock in the company. A corporation is owned by

The U.S. Postal Service is a public corporation.

Inez and Jason are the shareholders and directors of Kleen Kustodial Corporation. Lily and Moe are Kleen's officers. As in other corporations,the responsibility for the overall management of Kleen rests with

Stocks represent the borrowing of funds by firms.

A foreign corporation normally does not need a certificate of authority to sell goods or services via the Internet or by mail.

EZ Hauling holds itself out to customers as being a corporation but makes no attempt to incorporate. In this circumstance,EZ Hauling is most likely

PrimarySource.com Corporation is a new online,textbook,and school supply business. How can PrimarySource.com obtain capital to finance its operations?

The abbreviation "P.A." in the name "Conrad & Drake,Accountants,P.A." means that this organization is

The board of directors hires officers to run the daily business of a corporation.

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

Blair and Chanel are holders of common stock in Discount Retail Stores,Inc. Like other holders of common stock,they have a residual position in the overall financial structure of Discount Retail,because they