Ch34 Nature of a Corporation Flashcards Preview

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Flashcards in Ch34 Nature of a Corporation Deck (44):
1

These three words represent ownership in a stock corporation.

Share of Stock

2

This word means "as if."

Quasi

3

These are documents set forth the facts prescribed by law for issuance of a certificate of incorporation or a charter and asserting that the corporation has complied with legal requirements.

Articles of Incorporation

4

This person has many duties that they can do on behalf of the corporation, such as making contracts on behalf of the corporation.

Promoter

5

These type of corporations are organized for profit and constitute the chief type.

Stock

6

A corporation has how many types of powers?

Three

7

These rules are adopted by the board of directors.

Bylaws

8

This type of corporation is formed to carry out some governmental function.

Public

9

A subscriber may offer to buy stock when a corporation is about to be formed. However, the offer may be ___________ any time prior to the acceptance.

Revoked

10

A corporation can be organized in _________ state the promoter chooses.

Any

11

The corporation's articles of incorporation determine what type of powers?

Express

12

These have become a widely used form of business organizations.

Corporations

13

The power and function of these corporations may be much _________ than those of private corporations.

Greater

14

This type of corporation is incorporated in another country.

Alien

15

This type of corporation is usually managed by a small number of people and a small number of stockholders.

S Corporation

16

Cengage Learning: One chartered in another country.

Alien Corporation

17

Cengage Learning: Document stating facts about corporation required by law.

Articles of Incorporation

18

Cengage Learning: Rules enacted by directors to govern corporation’s conduct.

Bylaws

19

Cengage Learning: One with very small number of shareholders.

Close or Closely Held Corporation

20

Cengage Learning: One chartered in the state

Domestic Corporation

21

Cengage Learning: One chartered in another state

Foreign Corporation

22

Cengage Learning: People initially forming a corporation

Incorporators

23

Cengage Learning: One formed by private individuals for charitable, educational, religious, social, or fraternal purpose

Not–for–Profit Corporation

24

Cengage Learning: One formed to do Nongovernmental function

Private Corporation

25

Cengage Learning: One organized to run a business and earn money

Profit Corporation

26

Cengage Learning: One who takes initial steps to form corporation

Promoter

27

Cengage Learning: One formed for governmental function

Public Corporation

28

Cengage Learning: Public body with powers similar to corporations

Quasi Public Corporation

29

Cengage Learning: One in which ownership is represented by stock.

Stock Corporation

30

Cengage Learning: One who agrees to buy stock in proposed corporation.

Subscriber

31

Cengage Learning: Written agreement to buy stock

Subscription Agreement

32

Cengage Learning: Contract exceeding corporation’s powers.

Ultra Vires Contract

33

1. A public corporation is one that is traded publicly on the New York Stock Exchange.

False

34

2. All corporations must file with the Securities and Exchange Commission.

False

35

3. A corporation must be bound by all the contracts made by the promoter.

False

36

4. A foreign corporation would be a company that was chartered in Arizona but did business in Colorado, New Mexico, and Utah.

True

37

5. Similar to a partnership, a corporation need not have a corporate name.

False

38

6. A corporation has a right to exist continually for the length of time stated in the state charter or until dissolved.

True

39

7. Corporations need to use a corporate seal when executing written instruments that require the use of a seal when executed by natural individuals.

True

40

8. What three types of powers does a corporation have?

express, incidental, and implied

41

9. A public body that is not a true corporation but has powers similar to a corporation is called a/n ________ corporation.

Quasi

42

10. A contract entered into by a corporation that goes beyond its powers is a/n ________ contract.

Ultra Vires

43

11. Rules enacted by the board of directors to govern the conduct of the corporation are the ________.

Bylaws

44

12. A corporation with a very small number of shareholders is a ________ corporation.

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