LS311 Unit 10 Exam Study GuideThe Unit 10 exam will be comprised of 25 multiple choice or true/false...

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LS311 Unit 10 Exam Study GuideThe Unit 10 exam will be comprised of 25 multiple choice or true/false questions. It mostly covers reading material from Chapters 25 and 26. There are a few questions from Chapters 23 and 24 from Unit 9. You will have 1.5 hours to complete the exam. You may wish to review the following in preparation for the exam. You may use the study guide, your notes, and the textbook during the exam. Good luck to you!· How is a corporation formed and what is listed in a corporation’s Articles of Incorporation?· A corporation is required to identify a specific person in the Articles of Incorporation, known as the registered agent, to receive legal documents on behalf of the corporation.· Who needs to be informed of corporate matters? Officers only? Directors only, or both?· What can a court do if anything when shareholders are deadlocked?· Can a corporation refuse a shareholder’s request to inspect corporate records? If so, under what circumstances?· If a person is on a corporation’s shareholder records, can that person vote?· Do states have antifraud provisions covering securities?· Who elects directors after the first board of directors is chosen?· If someone willfully violates the Saanes-Oxley Act of 2002, what can happen?· How can investment companies pay dividends to their investors?· What type of voting is designed to allow minority shareholders representation on the board of directors?· What is required for a professional corporation?· What is meant by “piercing the corporate veil?”· What is a stock waant?· What is watered stock and par stock?· Which corporations must register with the SEC?· What are the typical powers of corporate officers?· What actions of the corporation must be approved by the shareholders?· What is the business judgment rule?· What are the rights and duties of directors of a corporation?· What is a stock certificate?· Be familiar with a corporate director’s duty of loyalty.· What is a shareholder’s derivative lawsuit?· What is the purpose of a joint venture?· What is a sole proprietorship?· In a partnership, what is the liability of each partner for the debts and liabilities of the partnership?· What constitutes a limited partnership?· What is an LLC and how is this entity taxed?

Mehzabin · Accepted Answer

· The creation of a corporation is officially documented when a set of legal documents of Articles of Incorporation is filed with a government body. Relevant information like the organization’s name, service process agent, and street address and the amount and kind of stock to be utilised are listed in a corporation’s Article of Incorporation. 
· Both Officers and Directors need to be informed of corporate matters.
· If the shareholders are deadlocked, the court can buy back in the name of the corporation.
· No, a corporation cannot refuse a shareholder’s request to inspect of corporate records because as per section 171, when a corporation receives a request from its members, they shall obey within thirty days of the request receipt.
· Yes, the person can vote according to the Company Law.
· Yes, states have the rights and power to take actions against securities violators as reported in state law. 
· The shareholders elect the directors after the first board of directors is chosen.
· If someone violates the Sarbanes-Oxley Act of 2002 willingly then he can be imprisoned for 10 to 20 years. 
· Dividends can be paid in many forms like by cash payments, stocks or any other forms.

LS311 Unit 10 Exam Study Guide The Unit 10 exam will be comprised of 25 multiple choice or true/false questions. It mostly covers reading material from Chapters 25 and 26. There are a few questions...

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