circumstances under which a member can lose their limited liability in a close corporation
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5. circumstances under which a member can lose their limited liability in a close corporation
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- 1.Which of the following is NOT one of the basic shareholder's rights? Which of the following is NOT one of the basic shareholder's rights? The right to participate in the proceeds of the sale of the corporation upon liguidation. The right to inspect the records of the corporation The right to maintain one's proportional interest in the corporation. The right to participate in earnings 2.What is the principle under the Corporation Law that allows the court to identify the erring corporator and make him/her liabilities to third persons even if the corporator belongs to a corporation? None of the above Doctrine of mutual agency Doctrine of piercing the veil Doctrine of limited liabilityWrite T if the statement is correct and F if the statement is incorrect. On the space provided, briefly explain Death of a shareholder will dissolve the corporation.
- A C corporation can be described as: (a) A business that is separate and distinct from its owners, allowing the owners to conduct business while limiting their personal liability. (b) A business association defined by federal statute. (c) A legal entity that has more than one shareholder. (d) A type of corporation where owners have limited liability, and income, expenses, and deductions flow through to the shareholders and are taxed only at the shareholder level.A corporation is recognized as a legal person. True FalseWhat would happen to the corporation if it failed to file by-laws? Would it dissolve the corporation?
- TRUE OR FALSE 5. A partnership can be corporator in a corporation.6. A shareholder in a corporation does not have the right to transact corporate businessor to intervene in the management of the business.7. A corporation can come into existence by mere agreement of the parties as in the caseof partnerships.8. Eleemosynary corporations are those organized for public charity.9. Shares of stock cannot be transferred without the consent of the other shareholders.10. Shareholders may be natural or juridical persons.11. Death of s shareholder will dissolve the corporation.12. A de jure corporation is a corporation existing in fact and in law.13. Shares without par may be issued for a consideration less than P5.00 per share.14. A corporation may be an incorporator but not a corporator.When a corporation is dissolved due to fraud, graft, and corruption, can innocent employees and stockholders have claims over the asset of the corporation after satisfying all its liabilities?Which of the following characteristics best describes a corporation? a. A business with a single owner b. Is not taxed c. Stockholders not personally liable for entity’s debts d. Not a separate taxable entity
- 27.Which of the following is not one of the basic shareholders rights Group of answer choices The right to inspect the accounting records of the company The right to participate in the proceeds of the sale of corporate assets upon liquidation of the corporation The right to participate in earnings The right to maintain one's proportional interest in the corporationOwners have no personal liability under which legal business structure? A. a corporation B. a partnership C. a sole proprietorship D. There is liability in every legal business structure.LO.3, 8, 9 The taxpayer has generated excess capital losses (both short-term and long-term) for the current year. Discuss the income tax ramifications of the losses if the taxpayer is: a. An individual. b. A C corporation. c. An S corporation. d. A partnership.
