chp15 - Chapter 15 Corporations TRUE/FALSE QUESTIONS 1....

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Unformatted text preview: Chapter 15 Corporations TRUE/FALSE QUESTIONS 1. There is a uniform body of national corporate law. ANSWER: F PAGE: 489 TYPE: N NAT: AACSB Analytic AICPA Legal 2. Any change in shareholders affects the continued existence of a corporation. ANSWER: F PAGE: 490 TYPE: N NAT: AACSB Analytic AICPA Legal 3. A shareholder is not an owner of a corporation. ANSWER: F PAGE: 490 TYPE: N NAT: AACSB Analytic AICPA Legal 4. A business incorporated in one state has an automatic right to do business in any other state. ANSWER: F PAGE: 495 TYPE: N NAT: AACSB Analytic AICPA Legal 5. A shareholder in a professional corporation can be liable for malpractice arising from the rendering of professional services. ANSWER: T PAGE: 498 TYPE: N NAT: AACSB Analytic AICPA Legal 251 252 UNIT THREE: BUSINESS AND EMPLOYMENT 6. Professionals can avoid liability for their acts of malpractice simply by incorporating as a professional corporation. ANSWER: F PAGE: 498 TYPE: N NAT: AACSB Analytic AICPA Legal CHAPTER 15: CORPORATIONS 253 7. A promoter is not personally liable for a preincorporation contract. ANSWER: F PAGE: 499 TYPE: N NAT: AACSB Analytic AICPA Critical Thinking 8. The minimum contacts rule determines in which state a corporation should be incorporated. ANSWER: F PAGE: 499 TYPE: N NAT: AACSB Analytic AICPA Legal 9. A corporation has perpetual existence in most states unless stated other- wise in the articles of incorporation. ANSWER: T PAGE: 501 TYPE: N NAT: AACSB Analytic AICPA Legal 10. An incorporator must have an interest in a corporation to file its articles of incorporation. ANSWER: F PAGE: 501 TYPE: N NAT: AACSB Analytic AICPA Legal 11. A corporations internal management structure is described in its articles or bylaws. ANSWER: T PAGE: 502 TYPE: N NAT: AACSB Analytic AICPA Legal 12. Corporate bylaws must be approved by the appropriate state official before the corporations first organizational meeting. ANSWER: F PAGE: 502 TYPE: N NAT: AACSB Analytic AICPA Legal 13. A business that holds itself out as being a corporation may not be able to deny corporate status, even if it makes no attempt to incorporate. ANSWER: T PAGE: 503 TYPE: N NAT: AACSB Analytic AICPA Legal 254 UNIT THREE: BUSINESS AND EMPLOYMENT 14. Express powers of a corporation can be found in the law of the state of incorporation. ANSWER: T PAGE: 503 TYPE: N NAT: AACSB Analytic AICPA Legal CHAPTER 15: CORPORATIONS 255 15. The law of the state of incorporation may restrict the implied powers of a corporation....
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chp15 - Chapter 15 Corporations TRUE/FALSE QUESTIONS 1....

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