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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamArsenal. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
