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Quiz_13 - Acct-101 Quiz 13 Characteristics of a corporation...

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Acct-101 Quiz 13 Characteristics of a corporation include shareholders who are mutual agents direct management by the shareholders (owners) its inability to own property shareholders who have limited liability Under the corporate form of business organization ownership rights are easily transferred. a stockholder is personally liable for the debts of the corporation. stockholders' acts can bind the corporation even though the stockholders have not been appointed as agents of the corporation. stockholders wishing to sell their corporation shares must get the approval of other stockholders. The state charter allows a corporation to issue only a certain number of shares of each class of stock. This amount of stock is called treasury stock issued stock outstanding stock authorized stock The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume that 45,000 shares were originally issued and 5,000 were subsequently reacquired. What is the number of shares outstanding?
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