Corporate Basics
A corporation is a legal entity that is ______ from its owners.
What is separate?
This state is most famous for incorporating large U.S. companies.
What is Delaware?
A type of corporation owned by shareholders and traded publicly.
What is a C Corporation?
Shareholders elect this group to make key decisions.
What is the Board of Directors?
If a corporation gets sued, this protects the personal money of the owners.
What is limited liability?
The owners of a corporation are known as ______.
What are shareholders?
This person or group is responsible for managing the daily operations.
What is the board of directors / CEO?
A corporation that allows profits to pass through to the owner's personal tax return.
What is an S Corporation?
This meeting, usually held annually, gives shareholders updates and voting opportunities.
What is the Annual General Meeting (AGM)?
Corporations must pay this to the government based on their profits.
What is a tax?
The main goal of most for-profit corporations.
What is to maximize shareholder value/profit?
The document that outlines the internal rules of the corporation.
What are bylaws?
A non-profit corporation must apply for this IRS status to be tax-exempt.
What is 501?
The principle that corporations must act in the best interest of shareholders.
What is the fiduciary duty?
Corporations must follow these rules written by the government.
What are laws or regulations?
This document establishes the existence of a corporation.
What are Articles of Incorporation?
The first step in incorporating a business.
What is filing the Articles of Incorporation?
Internal policies and procedures that define how a corporation is run.
What is corporate governance?
Internal policies and procedures that define how a corporation is run.
What is corporate governance?
If a corporation breaks the law, it can be taken to this place.
What is court?
The term for when a corporation continues to exist even after an owner dies or leaves.
What is perpetual existence?
These are the four main roles in corporate structure: owners, directors, officers, and ______.
What are employees?
The concept that separates owners from managers in a corporation.
What is the separation of ownership and control?
The concept that separates owners from managers in a corporation.
What is the separation of ownership and control?
Corporations keep track of their money using this type of system.
What is accounting?