MULTIPLE-CHOICE QUESTIONS 1. Adam, Terry, and Victor want to form ATV Corporatio

Question

MULTIPLE-CHOICE QUESTIONS 1. Adam, Terry, and Victor want to form ATV Corporation. Which of the following is not a step in forming the corporation? a. selecting a state of incorporation. b. preparing articles of incorporation. c. adopting bylaws at a shareholders' meeting. d. filing articles of incorporation. 2. Mike, Nora, and Paula are shareholders in National Business, Inc. All of the shareholders are National's a. owners. b. directors. d. officers 3. Responsibility for the overall management of Standard Products, Inc., a corporation, rests with its a. owners. b. directors. c. incorporators. d. officers. 4. US. Digital Corporation incorporated in Ohio, its only place of business. Its stock is owned by ten shareholders. Two are resident aliens. Three of the others are the directors and officers. The stock has never been sold to the public. If a shareholder wants to sell his or her shares, the other shareholders must be given the opportunity to buy them first. U.S. Digital is a. a close corporation. b. a foreign corporation. c. an alien corporation. d. none of the above. 425

Explanation / Answer

Option C.) Adopting bylaws at a shareholders meeting. Option A.) Owners [ As all the shareholders( Assumption that they are talking about equity shares) are the owners of the company ] Option B) Directors (The directors have to take care of each and everything in the company) Option A) A close Corporation. Option A) The Bonds must be Repaid ( At the time of maturity of the bonds) Option D) Pay its taxes A) a Consolidation( Combination of two corporations to form a new one) B) Win, because the sale was fraudulently executed to avoid liability.

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