Checkup 1 Flashcards
Although the corporation is the most important form of business in terms of economic power, it is the _____ complex.
most
As a legal entity, the rights of a corporation are protected by the state and need not be defined. True or false?
False
In effect, corporation earnings are taxed _____.
twice
What earnings are taxed twice?
Corporation earnings
Corporations must meet both ______ and _______ regulations.
state; federal
A unique legal characteristic of the corporation is the _______ __________ __ ___ _____.
limited liability of the owners
The corporation is established by _____ ___.
state law
Students can find articles of incorporation for new businesses published in prominent _________.
newspapers
All of the following “rights” except ________ _____________ belong to corporations.
granting charters
The primary legal document required for corporations is the _______ granted by the _____.
charter; state
Five items of information included in a corporation charter are: the _____ of the corporation, ________ of business, the _______ of directors, the amount of beginning _______, the number of shares into which the __________ is divided. (nlncs)
name; location; number; capital; stock
In the charter-granting state, a corporation is known as a “______” corporation.
domestic
The liability of a corporate owner is limited to his __________ in the business.
investment
In states other than the charter-granting state, a corporation is known as a “_________” corporation.
foreign
Corporations and other business forms must meet both _______ and _____ requirements.
federal; state
