Exam 36: Corporate Formation and Financing

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

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 ________.

In case a corporation's assets are liquidated, the preferred stockholders are paid before common stockholders.

Bylaws of a corporation must be filed with a government official.

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

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

The person responsible for incorporation of a corporation is known as a(n) ________.

What are the express powers of a corporation?

Shareholders cannot seek an injunction against an ultra vires act by a corporation.

A C corporation pays taxes at the corporate level and the shareholder's level.

A(n) ________ is a person who organizes and starts a corporation, negotiates and enters into contracts in advance of its formation, finds the initial investors to finance the corporation, and so forth.

The board of directors makes policy decisions concerning the operation of a corporation.

Describe how the judiciary in Delaware is favorable to large corporations?

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

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.

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

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

A corporate name cannot include the word corporation, company, incorporated, or limited or an abbreviation of any of these.

A corporation is a(n) ________ corporation in the state in which it is incorporated.

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