Corporate Powers & Liabilities

Question 1

Statutory Powers

Answer 1

1. to sue and be sued
2. perpetual duration
3. have a corporate seal
4. own, use, and improve real and personal property
5. dispose of all or any part of its property
6. lend money
7. dispose/purchase/vote/own share or interest in, or other obligations of, other corps, partnerships, and governments
8. enter into contracts
9. lend, invest, and reinvest money
10. elect directors and appoint officers
11. adopt and amend bylaws
12. make donations for public welfare or for charitable, scientific or edy purposes
13. transact any lawful business
14. pay pensions
15. enter into or general or limited partnerships
16. indemnify corporate officers, directors, agents, and employees
17. provide life ins for its benefit on directors, officers, or employees
18. conduct its business

Question 2

Political Contributions

Answer 2

cannot make donations for FEDERAL candidates

Question 3

Liabilities

Answer 3

Corporations are liable for their contracts and for torts committed by their agents

Question 4

Ultra Vires Doctrine

Answer 4

Florida has abolished the Ultra Vires doctrine