I am all by myself. I am personally responsibile for taxes and personally liable but am easy to form and do not have to report to anybody.
What is a Sole Proprietorship?
100
Two requirements in selecting a name.
What is including one of the following words (Incorporated, Corporation, Company or Limited) and must be different than any other corporation.
100
When the company is not required to have one director.
What is when all the shareholders sign an agreement to eliminate the Board or the Corporation has 50 or less members?
100
The rule that protects management if they make a bad decision but did so in good faith.
What is the Business Judgment Rule?
100
Shareholders acting in good faith have a right to this information.
What is inspect minute book, accounting records and shareholder lists?
200
I am limited to 100 members, can only issue one class of stock but was created by Congress to encourage entrepreneurship so I have tax breaks. I also have limited liability.
What is a S Corporation?
200
Aniother name for Charter.
What is Articles of Incorporation?
200
A book that contains a record of the corporation's official meetings.
What is the Minute Book?
200
The duty that prohibits management from making a decision that benefits them at the expense of the Corporation.
What is Duty of Loyalty (Self-Dealing)?
200
Person who shareholder appoints to vote for her.
What is Proxy?
300
There are two or more of us who are jointly liable for debt and lawsuits. We each pay personal income taxes. Our business is easy to form but we both need to manage and cannot sell shares.
What is a General Partnership?
300
Three items required regarding the company's stock.
What are Par Value, Number of Shares and Classes of Stock?
300
This includes the date of the annual shareholders' meetings and establishes the fiscal year of the corporation.
What is the Bylaws?
300
When Self Dealing transaction is a valid transaction.
What is disinterested member forms special committee and approves, disinterested shareholder approves or transaction was entirely fair to the corporation?
300
A candidate only needs to receive more votes than their opponent.
What is Plurality Voting?
400
I was formed by state law so I am not entitled to tax breaks under the federal tax code and am limited to 50 members. I csn operate without a Board of Directors and must offer shares to owners before selling them to an outsider.
What is a S Corporation?
400
Owners of this type of stock are first in line to receive dividends and any liquidation payments.
What is Preferred Stock?
400
A company tht is not incorporated in the state that it is doing business.
What is a Foreign Corporation?
400
A court holds the shareholders personally liable for the debts of the corporation.
What is Piercing the Corporate Veil?
400
Publically traded companies requirement regarding directors to be independent.
What are majority of the Board and the entire audit, compensation, corporate governance and nominating committees.
500
My members are not personally liable for their debts and taxes are passed through so I am very attractive to entrepreneurs, I only need an operating agrement and charter and can have members who are corporations but cannot go public.
What is a Limited Liability Company?
500
The company provides this information in the state that they are incorporated.
What is official address and name of agent?
500
A signed document that takes the place of a shareholders' meeting.
What is Written Consent?
500
Corporations' two sets of managers.
What are Officers and Directors?
500
Policies companies are required to estabish to require CEOs to reimburse the company for any bonus or profit they received within a year of selling company with flawed financials.