Term
| T or F: A share of stock with a stated par value of $10, which is sold and issued initially for $8, is an example of watered stock |
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Definition
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| T or F: Partnerships must be formed by written agreement and in strict compliance with the partnership statutes of a particular state |
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| T or F: A corporation cannot be a domestic corporation and a foreign corporation at the same time |
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Term
| T or F: A debenture is a corporation obligation secured by a lien or by a mortgage on specific corporate property |
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Definition
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Term
| T or F: A corporation may be incorporated in more than one state |
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| T or F: Stock splits and stock dividends achieve the same result in relation to the transfer of earnings to capital |
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| T or F: For purposes of federal litigation, a corporation is deemed to be a citizen of the state where it has its principle place of business as well as of the state where it is incorporated |
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Definition
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Term
| T or F: Each partner in a general partnership is an agent of the partnership for purposese of conducting partnership business |
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| T or F: Corporations cannot be found guilty of criminal acts, because corporations cannot be sentenced to prison terms |
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Definition
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Term
| T or F: A corporation must transact all or most of its business in a state where it is incorporated |
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Definition
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Term
| T or F: A partnership generally is treated as an aggregate for purposes of taxation and as a separate entity for purposes of lititgation |
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Definition
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| T or F: Holders of fractional shares of stock and holders of script certificates generally enjoy the same voting rights within the corporate structure |
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Definition
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Term
| T or F: A partnership may be a shareholder in an "S" corporation |
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Definition
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Term
| T or F: A director is always an agent of the corporation |
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Definition
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Term
| T or F: Corporate directors and officers generally owe no direct duty to individual shareholders of the corporation |
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Definition
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Term
| T or F: A corporation smetimes is treated as a person within the meaning of the federal Constitution |
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Term
| T or F: A corporation may be subjected to criminal charges |
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Term
| T or F: A close corporation may restict the rights of shareolders to transfer stock by means of shareholder agreements |
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Definition
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Term
| T or F: Maria and Lilly form a partnershp. If Marie sells her partnership interest to Allen, Allen will receive all the benefis and burdens of partnership status when the sale is consummated |
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