S-1 The minimum number of incorporators is 15. S-2 The maximum number of members of a close corporation is 20. a. Both statements are true b. Both statements are false c. One statement is true, and the other one is false
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- S-1 A minimum of 15 incorporators is required. S-2 A close corporation can have a maximum of 20 members. a. Both of the assertions are correct. b. Both of the assertions are incorrect. c. One statement is correct, while the other is incorrect. is false AsapMatch (by letter) the following terms with their definitions. Each letter is used only once.Terms _____ 1. Publicly held corporation. _____ 2. Organization chart. _____ 3. Articles of incorporation. _____ 4. Limited liability. _____ 5. Initial public offering. _____ 6. Double taxation. _____ 7. S corporation. _____ 8. Limited liability company. Definitions a. Shareholders can lose no more than the amount they invest in the company. b. Corporate earnings are taxed twice—at the corporate level and individual shareholder level. c. Like an S corporation, but there are no limitations on the number of owners as in an S corporation. d. Traces the line of authority within the corporation. e. Allows for legal treatment as a corporation, but tax treatment as a partnership. f. Has stock traded on a stock exchange such as the New York Stock Exchange (NYSE). g. The first time a corporation issues stock to the public. h. Describes (a) the nature of the firm’s business activities, (b) the shares to…1. Organization expenses include all of the following except a. legal fees b. fees paid to obtain a state charter c. promoter fees d. depreciation expense 2. the general rights of common shareholders includes the preemptive right true false 3. Outstanding stock refers to the number of shares of stock that a corporation's charter allows it to sell true false 4. stockholders' or sharholders' equity ordinarily consists both paid-in capital and retained earnings true false 5. advantages of a C- corporation ordinarily include ease of capital accumulation, ready transferability of ownership rights, and both a limited life of the corporation and limited liability of the shareholders true false 6. When a company makes a net profit, retained earnings is credited true false 7. a corporation's par value value of its stock establishing minimum legal capital true false 8. in recording a small stock dividend, retained earnings is debited while in recording a large stock dividend, retained…
- 1. Organization expenses include all of the following except a. legal fees b. fees paid to obtain a state charter c. promoter fees d. depreciation expense 2. the general rights of common shareholders includes the preemptive right true false 3. Outstanding stock refers to the number of shares of stock that a corporation's charter allows it to sell true false 4. stockholders' or sharholders' equity ordinarily consists both paid-in capital and retained earnings true false 5. advantages of a C- corporation ordinarily include ease of capital accumulation, ready transferability of ownership rights, and both a limited life of the corporation and limited liability of the shareholders true false 6. When a company makes a net profit, retained earnings is credited true false 7. a corporation's par value value of its stock establishing minimum legal capital true false 8. in recording a small stock dividend, retained earnings is debited while in recording a large stock dividend, retained…S1 A Public Corporation is one formed for the government of a portion of the state. S2 All incorporators are subscribers but a subscriber need not be an incorporator. a. Both statements are true b. Both statements are false c. One statement is true, and the other one is false S1-Shareholders elect board of directors which appoints the management of the corporation. S2 -The Par value shares constitute the legal capital of a corporation. a. Both statements are true b. Both statements are false c. One statement is true, and the other one is falseWrite T if the statement is correct and F if the statement is incorrect. On the space provided, explain using the concepts discussed why your answer to a statement is T or F. 1. A person of minor age can be a shareholder but can never be an incorporator in a corporation. 2. A corporation can be an incorporator in another corporation. 3. A share certificate can be issued to those subscribers who partially paid their subscriptions. 4. A corporation or business partnership can be an incorporator but not a corporator. 5. All partnership can be an incorporator in a corporation. 6. On January 10,2021, Ana paid 90% of her subscription in Jollibee Foods Corporation. She will receive her certificate of stock on January 10,2021. 7. Continued inoperation of a corporation for at least 5 consecutive years will result in its certificate of incorporation being deemed revoked. 8. In case of conflict between the by-laws and the corporation code, the code shall prevail.
- Direction: Write T if the statement is correct and F if the statement is incorrect. On the space provided, explain using the concepts discussed why your answer to a statement is T or F. 1. A corporation can be formed by mere agreement among shareholders. 2. Shareholders are not liable to corporate obligations in excess of their contribution. 3. Authority of the corporation to operate has to be granted by the state. 4. Death of a shareholder will dissolve the corporation. 5. Shares cannot be transferred without the consent of the other shareholders. 6. All incorporators are subscribers but a subscriber need not be an incorporator. 7. The ultimate control of the corporation rests with the board of directors. 8. Shareholders can transact business on behalf of the corporation. 9. All incorporators are shareholders but not all shareholders are incorporators. 10. In a corporation, minority shareholders are compliant to the wishes of the majority.True or False 1. Whether or not the contracts and transactions entered into by a corporation are binding will be decided on by its governing body 2. For convenience, professionals who practice their professions are allowed to create a corporation for their practice. 3. In non-stock corporations, voting rights do not have anything to do with membership unlike in stock corporations. 4. As a rule, a contract entered into by a corporation with one or more of its trustees or directors, members or stockholders or corporate officers is void.Next to each corporate characteristic 1 through 8, enter the letter of the description that best relates to it. 1. Owner authority and control 2. Ease of formation 3. Transferability of ownership 4. Ability to raise large capital amounts 5. Duration of life 6. Owner liability 7. Legal status 8. Tax status of income a. Requires government approval b. Corporate income is taxed c. Separate legal entity d. Readily transferred e. One vote per share f. High ability g. Unlimited h. Limited
- One Person Corporation (OPC) special feature is __________________: (A)There must be a by-laws which is required; (B) The single stockholder shall be the sole Director and President of the corporation; (C) There must be a Treasurer and Secretary; (D) There is a Board of Directors; (E) There is unlimited liabilityWrite T if the statement is true, and F if the statement is false and provide an explanation each item. 7. The ultimate control of the corporation rests with the board of directors. 8. Shareholders can transact business on behalf of the corporation.If a corporation has 5,000,000 in current assets and 1,000,000 in current liabilities, the corporation is liquid. A. True B. False