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Business Law (Corporations) | Latest Version | 2024/2025 | Rated A+ $9.78   Add to cart

Exam (elaborations)

Business Law (Corporations) | Latest Version | 2024/2025 | Rated A+

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Business Law (Corporations) | Latest Version | 2024/2025 | Rated A+ What is the primary purpose of incorporating a business? Incorporating a business provides limited liability protection to its owners and can enhance credibility and access to capital. What distinguishes a corporation f...

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  • August 30, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Business Law |
  • Business Law |
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SterlingScores
Business Law (Corporations) | Latest
Version | 2024/2025 | Rated A+

What is the primary purpose of incorporating a business?




✔✔ Incorporating a business provides limited liability protection to its owners and can enhance

credibility and access to capital.




What distinguishes a corporation from a partnership?




✔✔ A corporation is a separate legal entity that provides limited liability to its owners, while a

partnership involves shared liability among its partners.




What is the role of the board of directors in a corporation?




✔✔ The board of directors oversees the corporation's management, makes major decisions, and

sets company policies.




What are the key differences between common stock and preferred stock?


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, ✔✔ Common stock typically provides voting rights and potential dividends, while preferred

stock usually has priority for dividends and assets but may lack voting rights.




What is meant by 'piercing the corporate veil'?




✔✔ Piercing the corporate veil occurs when a court disregards the corporation's separate legal

status to hold its owners personally liable for corporate debts.




What is a corporate bylaw?




✔✔ Corporate bylaws are internal rules and procedures established by a corporation to govern its

operations and management.




What are the requirements for forming a corporation?




✔✔ To form a corporation, one must file articles of incorporation with the state, create bylaws,

appoint directors, and issue stock.




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