Business Law (Corporations) | Latest Version | 2024/2025 | Rated A+
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Course
Business Law |
Institution
Business Law |
Business Law (Corporations) | Latest
Version | 2024/2025 | Rated A+
What is the primary purpose of incorporating a business?
Incorporating a business provides limited liability protection to its owners and can enhance
credibility and access to capital.
What distinguishes a corporation f...
Business Law (Corporations) | Latest
Version | 2024/2025 | Rated A+
What is the primary purpose of incorporating a business?
✔✔ Incorporating a business provides limited liability protection to its owners and can enhance
credibility and access to capital.
What distinguishes a corporation from a partnership?
✔✔ A corporation is a separate legal entity that provides limited liability to its owners, while a
partnership involves shared liability among its partners.
What is the role of the board of directors in a corporation?
✔✔ The board of directors oversees the corporation's management, makes major decisions, and
sets company policies.
What are the key differences between common stock and preferred stock?
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, ✔✔ Common stock typically provides voting rights and potential dividends, while preferred
stock usually has priority for dividends and assets but may lack voting rights.
What is meant by 'piercing the corporate veil'?
✔✔ Piercing the corporate veil occurs when a court disregards the corporation's separate legal
status to hold its owners personally liable for corporate debts.
What is a corporate bylaw?
✔✔ Corporate bylaws are internal rules and procedures established by a corporation to govern its
operations and management.
What are the requirements for forming a corporation?
✔✔ To form a corporation, one must file articles of incorporation with the state, create bylaws,
appoint directors, and issue stock.
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