Fiduciary Duty - CORRECT ANSWER - Partnership based on trust and loyalty
Limited Partneship - CORRECT ANSWER - One General Partner with more control, and
one limited partner
Corporation - CORRECT ANSWER - a person or legal entity created under state law
Certificate of incorporation - CORRECT ANSWER - acceptance of a corporations
application for completeness
, Bylaws - CORRECT ANSWER - rules that regulate and govern the internal operations of
corporation
Shareholder - CORRECT ANSWER - owner of corporation
board of directors - CORRECT ANSWER - governing committee of corporation, principal
of corporation, sets policies and corporate business
Business judgement rule - CORRECT ANSWER - Makes directors/managers immune
from honest mistakes
fiduciary duty of interest - CORRECT ANSWER - directors place duty of corporation
before self
managers - CORRECT ANSWER - hired by board of directors to run business
close corporation - CORRECT ANSWER - limited shareholders, usually 30-50
S corporation - CORRECT ANSWER - only have one class of stock, and 100 U.S citizen
shareholders
Professional Corporation - CORRECT ANSWER - Limits liability to give professionals in
a certain field freedom to practice and serve
Benefit corporation - CORRECT ANSWER - voluntarily meets high standards of purpose,
accountability, and
transparency
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