Business Structure

Question 1

What entities can have fiscal years?

Answer 1

1. C- Corps
2. Estates
3. Tax-Exempt Entities

Question 2

Who must register under the Security Exchange Act of 1934?

Answer 2

a. Companies whose securities are listed on the national and regional securities exchanges
(1) Even if the securities were not registered under the Securities Act of 1933
(2) From Section 12(b)

b. Companies whose securities are traded over-the-counter if their total assets exceed $10 million, they have 500 or more shareholders, and if the securities are traded in interstate commerce
(1) Even if the securities were not registered under the 1933 act
(2) Companies that do not meet the asset and shareholder tests may decide to register and report voluntarily
(3) From Section 12(g)

c.National and regional stock exchanges
d.Brokers and dealers who conduct securities business in interstate commerce
e.Transfer agents
f.Clearing agencies
g.Brokers and dealers who sell municipal securities
h.Securities information processors
I. Companies whose securities are registered under the 1933 act
j.Associations of stock dealers—NASD, for example