Corporation incorporated in the state of Illinois.
What is a domestic corporation to the state of Illinois?
100
What must happen before a dividend is paid to shareholders?
What is the dividend must be declared by the board?
100
the liability of the owners of a subchapter S corporation.
What is limited liability?
100
Cumulative preferred stock.
What is preferred stock that if an annual dividend is missed that dividend accumulates and must be paid first before any other future dividend is paid? Unpaid dividends accumulate.
200
Corporation that is not easy to buy into. Shares of stock are not readily available.
What is a closed or close corporation?
200
How often must shareholders meet?
What is at least annually?
200
This payment is NOT a legitimate expense of a corporation.
What is the payment of dividends?
200
This means the shareholders of a corporation may be held personally liable for debts and claims against the corporation.
What is piercing the corporate veil?
200
This is the purpose of cumulative voting.
What is it allows the minority shareholders the possibility of electing representation to the board of directors?
300
This stock does not generally vote.
What is preferred stock?
300
Investment as defined by the Supreme Court.
What is an investment of money in a common enterprise with the expectation of making a profit from the work of others?
300
Can corporate stock be issued without par value?
What is Yes?
300
The number of people needed to form a corporation.
What is one?
300
Who votes treasury stock?
What is treasury stock is not voted?
400
Shareholder authorizes another to vote their shares of stock.
What is a proxy?
400
Bond
What is Long term debt?
400
Preferred stock that gets a set dividend and then after common stock gets paid a predetermined amount the preferred and common shareholders will share in some proportion any additional amount of dividend.
What is participating preferred stock?
400
cumulative voting
What is when voting for the board of directors each shareholder has the number of votes equal to the number of shares they own times the number of directors to be elected?
400
Corporation taxed like a partnership for income tax purposes.
What is subchapter S corporation?
500
Contract between bond holder and issuer of bond.
What is a bond indenture?
500
Stock sold by a corporation and then repurchased by the corporation.
What is treasury stock?
500
When a shareholder is entitled to a dividend.
What is when a dividend is declared by the board?
500
These are two restrictions on the naming of a corporation.
What is name must show corporate status and name cannot be too similar to that of another corporation?
500
This information goes on the Articles of Incorporation.
What is corporate name, names of incorporators, purpose of corporation, registered office, registered agent, number of shares of preferred and common stock authorized to be issued