Exam 33: Corporate Formation and Financing

Integrated Mobile Devices,Inc.,is a private,for-profit corporation that is owned by five shareholders who are members of the same family. Integrated Mobile is

Wings2Go Corporation fails to hold an organizational meeting. In this circumstance,Wings2Go is most likely

A de jure corporation is one that is not properly formed.

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

Oxley is a registered agent for Pads,Pods & Phones,Inc. (3P),which incorporated in California. As a registered agent,Oxley

A court will pierce the corporate veil of a corporation that is formed to accomplish an illegitimate objective.

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

To pierce the corporate veil means to shield the shareholders from personal liability.

Preferred stock is a stock with preferences.

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.

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

A corporation cannot be formed without a profit-making purpose.