Author: Anonymous

Traditionally, limited liability for business owners was only available if the business was a corporation.  It is now forming a business that allows for single (pass-through) taxation and limited liability is not limited to corporations.

Preferred stock is:

If a corporation issues only one type of stock, that stock must be:

The Duty of Loyalty requires faithfulness to the duties and obligations undertaken by officers and directors.  The most common violations of this duty are all the following except:

A close corporation is a small corporation, however a close corporation must have 2 or more shareholders because the shares of close corporations cannot be held by a single individual.

A close corporation is a small corporation, however a close corporation must have 2 or more shareholders because the shares of close corporations cannot be held by a single individual.

The Duty to make Informed Decisions requires officers and directors stay informed in all corporate matters.  It also requires “due diligence”.  This is the duty to do all the following except:

There are 3 conditions that must be present for a De Facto corporation to be recognized including all the following except:

The greatest advantage of the corporate form of business is:

Limited liability generally means that ownership and management are separated and the owner’s ______________.