CHAPTER 20 - CHAPTER 20 1. A corporation is a legal entity...

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CHAPTER 20 1. A corporation is a legal entity **Created and recognized by state law in most cases 2. Today, most state statutes governing are guided by: ** The revised model business corporation act 3. The responsibility for the overall management of a corporation belongs to **The board of directors 4. Corporations are taxed by **State and federal governments 5. A culpability score, under the corporate sentencing guidelines relates to **Wrongdoing by senior management, past corporate violations, and the extent of a corporation’s cooperation with federal investigations 6. With respect to constitutional rights, corporations **Enjoy many of the rights held by natural persons 7. In corporate law, when a corporation acts beyond the scope of its authority, it is said to **Engage in ultra virus transactions 8. Which of the following is NOT a remedy for ultra vires transaction? **The responsible officers can sue the corporation for damages 9. An example of a public corporation would be **The US postal Service
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This note was uploaded on 11/16/2010 for the course BUS bus 340 taught by Professor R during the Spring '10 term at American River.

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CHAPTER 20 - CHAPTER 20 1. A corporation is a legal entity...

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