Pre incorporation - Study guides, Revision notes & Summaries

How is a corporation formed? - Answer A document, referred to as the "articles of incorporation" or "charter," must be filed with the state. Business-judgment rule - Answer In the absence of fraud, illegality, or self-dealing, courts will not disturb the good-faith judgment of the directors or officers of a corporation. Promoter liability pre-incorporation - Answer Promoter is personally liable for knowingly acting on behalf of corp before incorporation, and remains liable after ...

What are public agencies? correct answers federal, state and local governments and their agencies, How much work do subcontractors typically perform? correct answers 20% - 80% of the work What are public construction contracts? correct answers a construction contract between a public agency and a private construction company Duties and rights under a construction contract cannot be assigned from prime contractor to subcontractor! correct answers However, a contractor can subcontract per...

Pearson Vue State Health Insurance test bank Exam with complete solutions 2023An individual may obtain a temporary insurance producer's license without passing the licensing examination if the individual: A.is a deceased licensed producer's next of kin A. is a deceased licensed producer's next of kin B.is taking insurance courses at a university B. is taking insurance courses at a university C.has met the minimum experience requirement C. has met the minimum experience requirement D...

_______ _____________ is a risk control technique that reduces the severity of a loss. it can occur preloss or post-loss. examples are duplication, diversification, and separation - Loss reduction __________________ _____________ is a risk financing technique in which you transfer liability by contract, hedging, or incorporation. - Non-Insurance transfer. 2 techniques for managing risk - risk control, risk financing 4 Steps in Risk Management Process - 1. Identify potential losses 2. Evalua...

DELAWARE LAWS, RULES & REGULATIONS: Life, Accident and Health, Property and Casual Insurance Producer/Agent ️Agent of Insurer - Licensed producer appointed by and represents insurer - Sells, solicits, or negotiates applications and policies - Able to issue conditional receipts BROKER - Licensed producer who represents the insured for compensation Insurance Producer ️-Person required to be licensed to sell, solicit, or negotiate insurance contracts or annuities -Insurance agent, ins...

The State of Florida in the year ____ required LICENSING OF COMMUNITY ASSOCIATION MANAGERS. correct answer: 1988 Teaching Methods, candidates mush retain their Pre-Examination Course Completion for a period of ____ years from the date received. correct answer: Four According to the Background of Community Association Living, there are ______ units in the State of Florida. correct answer: 4,250,000 As to Section I. LAW 1.a., Chapter 617, F.S. is known as ____. correct answer: The "N...

Who is liable prior to the formation of the corporation? Promoters are liable for pre-incorporation transactions (as there is no corporation yet formed). -Corporation is not liable for pre-incorporation transactions until the corporation adopts the contract. Corporate adoption o Passing a board resolution to adopt the contract; or o Accepting the benefits under the contract How long does the promoter remain jointly and severally liable on the contract along the corporation? Until a novat...

Who is liable prior to the formation of the corporation? - Answer- Promoters are liable for pre-incorporation transactions (as there is no corporation yet formed). -Corporation is not liable for pre-incorporation transactions until the corporation adopts the contract. Corporate adoption - Answer- o Passing a board resolution to adopt the contract; or o Accepting the benefits under the contract How long does the promoter remain jointly and severally liable on the contract along the corpor...

The biochemical relationship between color and behavior in domestic animals is found in the metabolic conversion of DOPA to Dopamine and melanin. A. True B. False - correct answer True The capybara is an example of a potential microlivestock domesticated animal that could replace cattle ranching in the flood plains of South America. A. True B. False - correct answer False Bos taurus and Bos indicus animals were believed to have been domesticated from the auroch (Bos primigenius) about ...

Pre-Emptive Right - Protects an existing stockholder from involuntary dilution of ownership interest. (Pg 823) Common Stock - The residual corporate interest that bears the ultimate risks of loss and receives the benefits of success. (Pg 824) Contributed (paid-in) Capital - The total amount provided by stockholders to the corporation for use in the business. (Pg 824) Earned Capital - Capital that develops if the business operates profitably; it consists of all undistributed income that re...