Types of Corporations Flashcards
1
Q
You are a domestic corporation when
A
you operate and do business in the state that you incorporate in
2
Q
You are a foreign corporation when
A
you have offices in a state that you are not incorporated in.
3
Q
As a foreign office to be able to qualify to do business you
A
must obtain a certificate of authority from that state
4
Q
In a corporation the professional has
A
1) Limited liability for corporate debts
2) Personal liability for professional acts (negligence)
5
Q
What are some examples of NOT doing business in other states?
A
Solicit orders using US mail
Holding bank accounts
Collecting debts
6
Q
According to state laws Only licensed professionals
A
may own shares in professional corporations (PCs)
