Exam 15: Corporations

Heidi and Ian are directors and shareholders of Globe Software,Inc.Heidi's written authorization to Ian to vote Heidi's shares at a Globe shareholders' meeting is

Convenience Mart,Inc.,is a closely held corporation.Convenience Mart is

A director must make a full disclosure of any potential conflict of interest that might arise in any corporate transaction.

Gelato Ice,Inc.,is incorporated in the state of New Jersey and is doing business in the state of New York.In New York,Gelato is properly referred to as

In most states,one individual cannot be both an officer and a director.

Officers hire the directors and other executive employees.

Zero Sum Games Corporation has forty-three shareholders.The minimum number that must be present at a meeting for a shareholders' vote is

Naomi and Ogden are shareholders of MediCare Residences,Inc.As shareholders,they must approve

Frida and Gregor want to market a new line of fishing gear.To avoid income taxes at the corporate level,they should form

Felicity and Gideon want to form and do business as Home Healthcare Corporation.A corporation is

Directors have a right to participate in all board of directors' meetings.

Directors are not obligated to refrain from self-dealing.

When the corporate privilege is abused for personal benefit,the courts will require the owners to assume personal liability.

An agreement between shareholders to restrict the transfer of a closely held corporation's stock is illegal.

Sophie and Tiny incorporate their beverage-container business as U-Twist Products,Inc.The first board of directors may be appointed by the firm's

Each incorporator must have an interest in the corporation.

A director does not need to disclose any conflict of interest before voting on a proposed transaction.

Genna is a director of Fab Stuff Corporation.Without informing Fab,Genna starts up Evertrendy,Inc.,to compete with Fab.Genna is liable for breach of

Rapid Pest Control itself out to others as being a corporation but makes no attempt to incorporate.Ponce signs a contract with Rapid Pest Control that is not performed.Ponce files a suit against the firm.The court will likely hold that Rapid Pest Control is

Implied powers of a corporation are expressed in state statutes.