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BLAW 301 Exam 3 Questions & Answers Verified 100% Correct!!
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A major violation of the legal process, but still hold yourself as a corporation. Shareholders are not liable. - ️️Corporation by Estopel ____________________ fired their president and the state government in New Hampshire came in a took over the school. The issue went to the Supreme Court a...

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  • October 15, 2024
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  • 2024/2025
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BLAW 301 Exam 3
A major violation of the legal process, but still hold yourself as a corporation.
Shareholders are not liable. - ✔️✔️Corporation by Estopel


____________________ fired their president and the state government in New
Hampshire came in a took over the school. The issue went to the Supreme Court and
the court ruled that ___________________ was a corporation because it was created
by a charter. - ✔️✔️Dartmouth College

____________ are creatures of state law - not formed at the federal level. -
✔️✔️Corporations

(T/F) Corporations transcend International boundaries and are extremely old. -
✔️✔️True

(T/F) Corporations will outlive you; they don't go away when you die. - ✔️✔️True


(T/F) Corporations are entities that exist on their own - they are legal people. -
✔️✔️True

___________________________ are the owners of a corporation. - ✔️✔️Shareholders

_______________= ownership - ✔️✔️Stock

______________=Debt - ✔️✔️Bond

Corporations are residents of states in which they are _______________ in and the
states that they___________________. - ✔️✔️incorporated; do business in

Corporations are taxed via _________________. - ✔️✔️Double taxation

Made the federal flat rate tax of 21% for all corporations. - ✔️✔️Tax Cut and Jobs Act

(T/F) Dividends are not always declared. Corporate profits can be retained and
reinvested in the company, eliminating double taxation. - ✔️✔️True

Corporations that exist solely to own other corporations. - ✔️✔️Holding Companies

Corporations are responsible for the torts or wrongdoings of its employees under the
__________________. - ✔️✔️Doctrine of Respondeat Superior

, A corporation that is incorporated in a certain state and doing business in that state. -
✔️✔️domestic corporation

A corporation that is incorporated in State 'A' and doing business in State 'B', 'C', 'D' ,
etc. - ✔️✔️Foreign corporation

A corporation that is incorporated somewhere outside the US, but doing business in the
states. - ✔️✔️Alien Corporation

A corporation that is a for profit business that isn't traded on the stock exchange. -
✔️✔️Private corporation

A corporation created by the government to serve a certain need. (TVA, USPS) -
✔️✔️Public corporation

A corporation that is for profit and is publicly traded on the stock exchange. -
✔️✔️Publicly Held Corporation

Have small # of shareholders, often members of the same family. Managed more like a
partnership. - ✔️✔️Close Corporations

Close Corporation criteria... - ✔️✔️1. No public offering of stock
2. Between 30-35 shareholders

- Refers to sub-charter S in Interval Revenue Code
- Taxed as partnership
- Must be a domestic corporation
- Must be fewer than 100 shareholders - ✔️✔️S Corporation

_____________ is a popular state to form a corporation because of separate litigation
systems. - ✔️✔️Delaware

When you have a small, incidental mistake in your filing. - ✔️✔️De Jure Corporation

A corporation with a larger error in the formation process. - ✔️✔️De Facto Corporation

The action of a court to disregard the corporate entity and hold the shareholders
personally liable for corporate debts and obligations. - ✔️✔️Piercing the Corporate Veil

________________ only happens if the plaintiff in lawsuit asks a court to order it. -
✔️✔️PCV

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