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- Chapter 11 - Question 3: (a) Contrast the federal income taxation of a corporation with that of a sole proprietorship and a partnership. (b) Which of the three types of organizations must file a federal income tax return?1. The following are the attributes of a corporation, except * A. It is an artificial being. B. It is created as a product of the agreement of the incorporators. C.It can enjoy perpetual existence. D. It is functions within the limits granted to it by law. 2. The following corporations are governed by the Revised Corporation Code, except: * A. Stock corporation B. Close corporation C. Public corporation D. Government-owned and controlled corporations 3. In applying the doctrine of piercing the veil of corporate fiction, the following factors may be considered, except: * A. The identity of controlling stockholders in two corporations B. The identity of those who compose the governing body of the subject corporations C.The identity of the stockholders3 D. The internal control system referring to the manner of keeping corporate books and recordsMatch (by letter) the following terms with their definitions. Each letter is used only once.Terms _____ 1. Publicly held corporation. _____ 2. Organization chart. _____ 3. Articles of incorporation. _____ 4. Limited liability. _____ 5. Initial public offering. _____ 6. Double taxation. _____ 7. S corporation. _____ 8. Limited liability company. Definitions a. Shareholders can lose no more than the amount they invest in the company. b. Corporate earnings are taxed twice—at the corporate level and individual shareholder level. c. Like an S corporation, but there are no limitations on the number of owners as in an S corporation. d. Traces the line of authority within the corporation. e. Allows for legal treatment as a corporation, but tax treatment as a partnership. f. Has stock traded on a stock exchange such as the New York Stock Exchange (NYSE). g. The first time a corporation issues stock to the public. h. Describes (a) the nature of the firm’s business activities, (b) the shares to…
- Read Section 13611. What are the 4 requirements?2. What Form is used to elect S Corporation?93. The corporate charter is known as A. Articles of Partnership O B. Articles of Corporation C. Articles of Incorporation D. By Law and ConstitutionQuestion 10 All of the following are characteristics of a corporation, except: A. has one or more owners, and called partners is considered a separate legal entity O B. OC. It has an indefinite life D. the owners are not liable for corporation's debts
- The following corporations are governed by the Revised Corporation Code, except: * A. Stock corporation B. Close corporation C. Public corporation D. Government-owned and controlled corporationsThe maximum number of actual shareholders in an S corporation is: a. 75. b. 100. c. 200. d. Some other number. e. Indeterminable.Which of the following is a characteristic of a corporation?a. No income taxb. Limited liability of stockholdersc. Mutual agencyd. Both b and c
- S1 A corporation's by-laws are the same as its articles of incorporation. S2 The share certificate is issued upon subscription of the share capital. a. Both statements are true b. Both statements are false c. One statement is true, and the other one is falseWhat is the affirmative vote required for the adoption of by-laws of the corporation? I. If adopted and filed prior to the incorporation, by all the incorporators. II. If stock corporation, majority of the outstanding capital stock. III. If stock corporation, 2/3 of the outstanding capital stock. IV. If non-stock corporation, majority of the members. * All statements are correct. All statements are incorrect. I, II and IV are correct. I, III and IV are correct.Question 16 All of the following are characteristics of a corporation, except: O A. O B. OC. It has an indefinite life has one or more owners, and called partners is considered a separate legal entity O D. the owners are not liable for corporation's debts