Small Business Management Study Set 2
Quiz 8: The Organization of the Business
A corporation A) is chartered under state laws. B) is chartered under federal laws. C) remains in existence only as long as its owners are alive. D) shifts liability of its debts to its owners.
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Which of the following entities is liable for a corporation's debts? A) Stockholders B) Board of directors C) The corporation itself D) The corporation's president
For a corporate charter to be obtained, A) one or more persons must apply to the secretary of state for permission to incorporate. B) the owner(s) must agree to be interviewed by a state department official. C) the owner(s) must negotiate an incorporation fee. D) the partners involved must outline a division of assets.
A corporate charter should be A) very detailed. B) prepared by an attorney. C) brief in the statement of the firm's power. D) lengthy and precise.
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