Formation of Corporation

Question 1

What must be filed with the Secretary of State?

Answer 1

Articles of Incorporation and Certificate of Limited Partnership

Question 2

Limited partners have the right to vote on what issues that won’t affect their limited partnership?

Answer 2

1) Winding up the partnership
2) loans of the partnership
3) change in nature of business of the partnership
4) Removal of general partner

Question 3

Under the Revised Model Business Corporation Act - What must the articles of incorporation include?

Answer 3

1) Name of corporation
2) Registered agent
3) Incorporators
4) Purpose and powers of the corporation
5) Number of shares authorized and allowed to be issues

Question 4

What powers does the board of directors have the power to do?

Answer 4

1) Adopt, Amend and Repeal the bylaws
2) Declare Dividends
3) Fix compensation for directors

Question 5

What powers do the shareholders have?

Answer 5

Amend the Articles of Incorporation

Question 6

Limited partnerships and General Partnerships

Answer 6

are treated the same for tax purposes. Not recognized as a separate taxable entity

Question 7

Promoters are

Answer 7

ones who forms a corporation with the goal of that corporation eventually existing.

Question 8

In order for there to be an agent

Answer 8

There must be a principal (physical corporation)