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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

Outline the incorporation process, and describe the basic corporate structure.

Summary Introduction

To determine: The incorporation process and the basic corporate structure.

Introduction: A corporation is an authoritative type of business that is separate from its proprietors. It is a business that is a different legitimate element from its investors.

Explanation

The incorporation process is as follows:

  • The incorporators are required to surrender the articles of incorporation to the secretary of each state. The articles of incorporation comprise of the following,
  • The name of the firm and its address
  • The names and addresses of the incorporator
  • The intention of incorporation
  • The upper limit amount of stock and the forms of stock that is required to be issued
  • The privileges, duties and rights of investors in the corporation
  • The time period till when the corporation exists...

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