A C corporation need not have a Stakeholders b A board of directors c External

A c corporation need not have a stakeholders b a

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25.A “C” corporation need not have:a.Stakeholders b.A board of directorsc.External investorsd.Officers Ans: CPage: 13626.Who has the ultimate power and control of every corporation?
27.Who establishes the general policies of the company, and to a greater or lesser extent depending on the particular corporation, can become involved in various details of the operating procedures?28.The functions of each officer are defined by:29.Who is in charge of day-to-day operations under the directives of the board of directors?a.Stockholdersb.The Presidentc.An Attorneyd.EmployeesAns: BPage: 13730.If you are not a resident of Delaware, you must have an agent in the state who is empowered to accept service in the event the corporation is sued. What is the next step after selecting a local agent?31.Which type of stock is the most common/usual?32.All of the following are advantages of a C-corporation except:33.All of the following are disadvantage of a C-corporation except:a.Double Taxationb.Cost and Time Involved in the Incorporation Processc.Transferable Ownershipd.High Administration Compliance CostsAns: CPage: 141-14234.To become an S-corporation, all of the following must occur except:

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