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Bule GMU Final Exam Study Guide Questions and Correct Verified Answers Latest Version
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Model Business Corporation Act (MBCA) A codification of modern corporation law that has influential in the drafting and revision of state corporation statutes. RMBCA Revised model business corporation act. Corporation A legal entity formed in compliance with statutory requirements that is...

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  • October 14, 2024
  • 58
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bule gmu final exam study guide questions and corr
  • model business corporation act mbca a codifica

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1 | P a g e | © copyright 2024/2025 | Grade A+




Bule GMU Final Exam Study Guide
Questions and Correct Verified
Answers Latest Version
Model Business Corporation Act (MBCA)


✓ A codification of modern corporation law that has influential in the

drafting and revision of state corporation statutes.




RMBCA


✓ Revised model business corporation act.




Corporation


✓ A legal entity formed in compliance with statutory requirements that is

distinct from it's shareholder-owners. It can be owned by a single

person or millions of shareholders. Recognized as a 'person' and enjoys

many of the same rights and privileges under state and federal law

that people do.




Board of Directors




Master01 | September, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

✓ Responsible for the overall management of the firm. members are

elected by the shareholders. They hire the corporate officers and other

employees to run the daily business operations, determines the capital

structure of the corporation, and declares dividends. Ultimate authority

in any corporation. No individual director can act as an agent to bind

the corporation. The number of directors is stated in the corporation's

bylaws. Directors usually serve a term of a year. Directors can be

removed for "cause".




Corporate shareholders


✓ Own a piece of the corporation. They are not normally personally liable

for the obligations of the corportation beyond the extent of their own

investments.




Dividend


✓ A distribution to corporate shareholders of corporate profits or income,

disbursed in proportion to the number of shares held. Double taxation is

a part of receiving these profits.




Retained Earnings




Master01 | September, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

✓ The portion of a corporation's profits that has not been paid out as

dividends to shareholders.




Criminal acts and liability related to corporations


✓ A corporation may be held liable for the criminal acts of it's agents and

employees provided the punishment is one that can be applied to the

corporation.




Classification of corporations


✓ Can be based on its location, purpose, and ownership characteristics.




Domestic Corporation


✓ In a given state, a corporation that does business in, and is organized

under the law of, that state.




Foreign Corporation


✓ In a given state, a corporation that does business in the state without

being incorporated therein.




Alien Corporation




Master01 | September, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

✓ A designation in the United States for a corporation formed in another

country but doing business in the United States.




Certificate of Authority


✓ A corporation doesn't have an automatic right to do business in

another state, so in some instances they must get a certificate of

authority.




Public Corporation


✓ Formed by the government to meet some political or governmental

purpose. (EX: postal service) Same as a public held corporation whose

shares are publicly traded in securities markets, such as the new york

stock exchange.




Private Corporation


✓ Created wholly or in part for private benefit.




Nonprofit Corporation


✓ Corporations formed for another purpose than making profits. Example:

Private hospitals, educational institutions.




Master01 | September, 2024/2025 | Latest update

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