Which of the following is NOT a characteristic of the corporate form of doing
business?
~~> Informal organization
All of the following are characteristics of a corporation EXCEPT:
a. it has perpetual existence.
b. it is a legal entity of its own.
c. it is able to be sued and to sue.
...
b. Failure to obtain a certificate of authority to transact business in the state
impairs the validity of a contract entered into by the corporation.
c. A foreign corporation transacting business within a particular state without
having first qualified cannot use the state court to maintain a lawsuit until the
corporation obtains a certificate of authority.
✓ ~~> A foreign corporation transacting business within a particular
state without having first qualified cannot use the state court to
maintain a lawsuit until the corporation obtains a certificate of
authority
A promoter of a corporation has a fiduciary duty to:
✓ ~~> any other promoters of that corporation
The possible consequences of a defective incorporation include all of the
following except:
a. the state may bring an action against the association for involuntary
dissolution.
b. the association always being liable for an obligation.
c. the associates are held personally liable to a third party.
d. a third party asserts it is not liable to the association.
Master01 | September, 2024/2025 | Latest update
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