Exam 29: Corporate Formation, Merger, and Termination

O.K. Oil holds itself out to others as being a corporation but makes no attempt to incorporate. In this circumstance, O.K. is most likely

Eye Appliance Company and Fresh Views, Inc., wish to combine all of their assets, stock, and personnel into a new firm to be called Goggles Corporation. This is

Skyla and Terry want to form and do business as Unique Boutique Corporation. Its existence depends generally on

Myron and Norah would like to form Originals, Inc., to do business in the art market. Generally, the articles of incorporation for a corporation do not include

State laws regarding corporations are uniform.

A corporation has an implied power to extend credit to those with whom it has a legal or contractual relationship.

Wiley incorporates his business as Wiley Wire Corporation in Texas. He and his group of shareholders intend to make a profit from their sales of fencing wire. Wiley Wire Corporation is

The purpose of a corporation may be specified in its articles of incorporation.

Lyla is a common shareholder in Norman's Nutty Nuts Corporation. As a common shareholder, Lyla is

A court can not dissolve a corporation for mismanagement.

Memphis Music Makers Incorporated has a stated purpose to sell musical instruments. If chief executive officer Tabitha contracts with Frenzied Firearms in Memphis Music Makers's name to sell a shotgun, she has likely committed

Yellowbox, a DVD rental company, would like to change its corporate status to that of an S corporation to avoid income taxes at the corporate level. To qualify, Yellowbox must

When a sale of assets amounts to what in fact is a consolidation, the acquiring corporation inherits the selling corporation's liabilities.

A close corporation can operate as an S corporation.

Any person who buys preferred stock has priority over a holder of common stock to payment on the corporation's dissolution.

Perfect Tone Phones, Inc., is a corporation. Perfect Tone's implied powers enable it to

An appraisal right is available only when a state statute specifically provides for it.

When a corporation is dissolved voluntarily, the corporation must file articles of dissolution with the state.

Express powers of a corporation can be found in the articles of incorporation.

Boutique Corporation would like to change its corporate status to that of an S corporation to avoid income taxes at the corporate level. To qualify, the shareholders must not be