They compliment others when deserved. As an entity separate and distinct from its owners, the corporation acts under its own name rather than in the name of its stockholders. Often secured by property. One of the disadvantages of a corporate structure is the corporation pays its own tax burden on net income and then the stockholders pay income tax on the dividends they receive. They think of others. lego 41446 friends heartlake city vet clinic. 75,000 & 187,500 & 2.50 \\ b) Outside Auditors look at how things are recorded and for irregularities Corporations have a number of distinguishing characteristics. Means that the relationship between shareholders and managers (directors and officers), will be governed by the corporate statutes and case law of the state where the corporation is incorporated c. lead time \end{array} So, the minimum grand total for forming a California corporation is $125. i) Court's won't usually impose this strict approach on contract creditors, but they may do it for financial institutions or lenders, Piercing the Corporate Veil -- Equitable Ownership of the Corporation, A) An individual who exercised sufficient control over the corporation may be deemed to be an "equitable owner," notwithstanding the fact that the individual is not a shareholder of the corporation A corporation is a legal entity that is separate and distinct from its owners. Corporation management (can be separate from ownership). i) External affairs of a corporation are generally governed by the law of the place where the activities occur and by federal and state regulatory statutes rather than by the place of incorporation Continuous Life. 2) Note that these outside auditors are hired by management are in a position that their performance will decide whether they are hired next year and so on, creating its own issues 1) A principal advantage of the corporate form is that a shareholders potential loss is limited to the amount that she invested in the enterprise. (9) Payment of guarantee of the corporation's debt by the dominating entity; and Usually represents a very large portion of the assets of firms engaged in financing businesses Brightstone is evaluating a special order from a European automobile company, Euro Motors, Euro is offering to buy 20,000 tires for$116 per tire. Stockholders legally own the corporation, but they manage the corporation indirectly through a board of directors they elect. In some states, stockholders are called shareholders. 1. Limited Liability of Stockholders. Limited to their investment. Example #5 ? What are 2 characteristics of a corporation? 5) Vote to amend to Articles Examples of personal positive qualities: kind, gentle, strong, resilient, caring, assertive, hard-working, reliable, honest, practical, responsible, loyal, mature, creative, consistent, appreciative, capable, quick, sensitive, perceptive, patient, thoughtful, fit, trustworthy, shows initiative, motivated, versatile. So let?s get into a list of character traits ? (4) Overlap in ownership, officers, directors, and personnel; Brightstone pays a selling commission equal to 5\% of the selling price on North American orders, which is included in the variable portion of the selling and administrative expenses. A) No requirement that a corporation incorporate in the state of its principal place of business, it can incorporate under the laws of whatever state best suits its needs 8) The board, through its audit committee, should verify the institution's financial management strength and effectiveness through an annual external audit a) It is an action in equity brought by a shareholder on behalf of the corporation Which of the following is true with regard to the characteristics of corporations? Eisenhardt suggests that organizations should have two to seven key goals, or rules, using her vocabulary (Eisenhardt & Sull, 2001).Such goals guide how the firm operates, identify which opportunities to pursue, set priorities, manage timing of actions, and even inform business exit decisions. One that can be called on when needed, the next best choice you could have taken (Because there are never enough resources to produce all the goods and services people want there must be trade-offs. A corporation is subject to numerous state and federal regulations. Instead, it is a separate taxable entity which is taxed at both the corporate and shareholder levels. Brightstone estimates that this certification would cost$165,000. \text{Direct labor}&22\\ 1) Analysts typically like a 2:1 ratio, this suggests you have enough cushion to pay your bills as they become due Which is a disadvantage of a corporate structure? What are the Characteristics of Corporations? Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for Under Armour under Company Filings. How does the CPI differ from the MMPI? Publicly held companies with stock traded on exchanges are required to file their financial statements and additional informative disclosures with the Securities and Exchange Commission. What are the Characteristics of Corporations? ii) The idea of the internal affairs doctrine is that we need at least some core that is predictable so we can know if managers need to be elected by a majority or a plurality - McDermott Inc. v. Lewis. the making of a program to manage finances through budgeting and investment. b) To rebut the presumption, P must show Which is a characteristic of a generally accepted accounting principles? all the positive, good character traits, at least: Strong (mentally!) (2) Such control has been used to commit a fraud or other wrong; and Identify the two types of relevant costs. Stock Terminology. Assume that the most efficient production technology available for making vitamin pills has the cost structure given in the following table. 3) Any independent internal audit function (even if part-time) should be in place and report directly to the audit committee Accounting & Financial Reporting - Fundamental equation of financial accounting Accounting & Financial Reporting - Assets generally, Assets include entries representing the property, both tangible and intangible, owned by the firm. Which is a disadvantage of a corporate structure? Capital Acquisition It can be easier for a corporation to acquire debt and equity, since it is not constrained by the financial resources of a few owners. 9) Management and the board of directors should have formal succession plans in place that are reviewed annually Descriptions High because buying stock is attractive Characteristic 1. Select one: a. I) Ensuring and maintaining the board's independence, Red Flags of Deficiency in Governance to Watch For, A) A strong or dominant CEO "runs the show," soliciting little or no input from others and not tolerating the opposing view v) Personal liability 4) Was made by a director or directors w/ a personal interest in the decision; or 2) A corporation is typically formed under the laws of a particular country, and is subject to the jurisdiction of the government in which it was created. Business entities are legal organizations that exist by virtue of state law. The companys inventory turnover and days inventory outstanding (DIO); accounts receivable turnover and days sales outstanding (DSO), accounts payable turnover and days payable outstanding (DPO), and the number of days in its cash conversion cycle. What are 3 characteristics of corporations? i) Shareholders are not authorized to act directly for the corporation, and thus cannot enforce a corporate claim against the managers. Is Mutual Agency a characteristic of a corporation? b) Responsible for establishing the terms of any stock options executives may get as compensation So, the minimum grand total for forming a California corporation is $125. 2) If yes Are all other directors independent of that interested party? Good people understand that others need praise. Tax status of income Previous question Next question Within 90 days of filing, the initial statement of information is due and costs $25. Is Ashford nationally or regionally accredited? 2) Capital Gains (6) The degree of discretion shown by the allegedly dominant corporation; i) Factors vi) No member liability a) You have been an employee of the company, or a family member has been an executive of the company Characteristics of an Effective Leader. is the process of starting and managing your own business. Advantage of Corporations. \end{array} When elderly, the customer uses savings acquired over the years. This gives a corporation a larger pool of resources because it is not limited to the resources of a small number of individuals. Double taxation of dividends c. Charter d. B) With contract creditors, plaintiffs will have had every opportunity to get personal guarantees in the contracts, or to protect themselves in the event that funds were not available; whereas, with a tort, it kind of just happens and you can't prepare for it They are kind to everyone. Creditors are limited to corporate assets for satisfaction of their claims. Its charter may limit the corporation's life although the corporation may continue if the charter is extended. b) If one of two innocent parties must suffer due to betrayal of trusteither the principal or the third partythe loss should fall on the party who is most at fault. The filing fee for Articles of Incorporation is $100. Duration of life Unlimited 6. A) The corporation is a separate legal person, but can neither sue nor be sued. 15 Simple Traits Of A Truly Good Person It is a team of people, including suppliers of money and labor, who work together to earn a return on their investment. provide goods and services to business and individual. A corporation is a legal entity, meaning it is a separate entity from its owners who are called stockholders. Corporations must pay federal and state income taxes as a separate legal entity. Are you sure you want to remove #bookConfirmation# Your email address will not be published. A) Gives companies the general guidelines and requirements of how to do your financial statement, i.e., things that you have to do when making these reports iii) At-will or definite period A corporation is a legal entity that is separate and distinct from its owners. The par value of corporate shares issued represents a corporations legal capital. CHARACTERISTICS OF A CORPORATION 1. C. The title of the corporation is limited by the death of the owner Which of the following is a characteristic of a limited liability company (LLC)? Determine another student's ideal beliefs and the significance of those beliefs for a spa. an odd degree polynomial function with real coefficients. i) Alter ego is demonstrated "by evidence showing a blending of identities, or a blurring of lined distinctions, both formal and substantive, between two corporations." Versatile. a) Assets are values at what is called their "historical cost," which is what the company paid for them, not what they are currently worth, Accounting & Financial Reporting - Current assets , Include cash and other assets which in the normal course of business will be converted into cash in the reasonably near future B) Revenues and expenses are recorded on an accrued basis rather than a cash basis (7) Whether the dealing between the entities are at arms length; --owned by shareholders. Fluctuating demand is another characteristic of B2B markets: a small change in demand by consumers can have a big effect throughout the chain of businesses that supply all the goods and services that produce it. No legal entity: A sole proprietorship has no legal identity separate from that of its owner. ii) Formed by partnership agreement Enjoys challenges 7. View the full answer. What are the 4 attributes of corporation? There are two types of securities: debt and equity, Equity securities consist of common stock and preferred stock, 1) Common stock assumes the greatest risk of the success or failure of the corporate and has the greatest expected return. 2. Corporation acts under its own name rather than in the name of its stockholders. b) Long-term liabilities Debts due more than one year from the balance sheet date, Accounting & Financial Reporting - Equity, Equity (sometimes referred to as net worth) represents the accounting value of the interests of the firm's owners H) Board minutes are poorly kept and contain little information on matters discussed during the meetings or actions taken by the board Partnership income and expenses are said to "flow/pass through" to the partners in proportion to their ownership interests. Some images used in this set are licensed under the Creative Commons through Flickr.com.Click to see the original works with their full license. What are the Characteristics of Corporations? C. The title of the corporation is limited by the death of the owner Which of the following is a characteristic of a limited liability company (LLC)? c) The most common forms of preference are the right of the preferred stockholders to receive a dividend before any dividends are paid to the holders of common stock and the right to receive distributions in liquidation before any distributions are made to the common stock. iii) Paid in equity + retained earnings = Total Equity, Accounting & Financial Reporting - Retained Earnings - Ratio's, i) Investors look at financial statements in different ways, such as ii) Under this rule, courts will defer to the judgment of the board of directors, absent highly unusual circumstances, such as conflict of interest or gross inattention Owner authority and control One vote per share 2. - c. $70 per unit Owner liability 8. 5) Was made by a director or directors who otherwise were not independent What are the characteristics of a corporation quizlet? 3) Did not have a rational business purpose (i.e., constituted a waste of corporate assets); iii) Officers = Agent/Principal is a business owned by two or more people who share its risks and rewards. How long does it take for braces to close gaps. This statement is true. In general, the chief executive officer (CEO) is considered the highest-ranking officer in a company, while the president is second in charge. Separation of owners and entity (no mutual agency). Example #7 ? The five main characteristics of a corporation are limited liability, shareholder ownership, double taxation, continuing lifespan and, in most cases, professional management. B) Corporations should do a human rights due diligence analysis to examine risks of violations of human rights, i) If you are representing the corporation, then the corporation is your client, not any of the individual directors, officers or shareholders What theory is involved in the modern corporation? Will consumption remain the same over the course of the consumer's life? A corporation is owned by stockholders C. All shares of a corporation must be held by a single individual D. Each stockholder has the authority to commit the corporation to a binding contract through his actions. Example #8 ? Corporate managment. Ability to Influence Others. Since the corporation is a separate legal entity, the owners do not have the power to bind the corporation to business contracts. $$ What is the unit product cost using absorption costing? A good logo is: Simple. ii) *Compensation Committee* caveat venditor. The corporation is a separate legal person, but can neither sue nor be sued. Was 2016 stronger or weaker than 2015? vii) Majority vote by directors and shareholders, Characteristics of a Limited Liability Company, i) Legal entity distinct from members c) If you or a family member are affiliation in any way with some outside auditor of the company, i) *Audit Committee* Once the approval is received, the corporation must develop its bylaws. b) Shareholders, particularly in closely held corporations, may be reluctant to approve a board resolution to issue more shares out of the fear that those additional shares will dilute their voting power A) Articles of Incorporation Every statute requires that each corporation have its own articles of incorporation (sometimes called the charter or the certificate of incorporation), which must be filed with state officials and which represents the "constitution" of that corporation, A) Corporations raise money by issuing securities to their investors. 4) Vote on major transactions Capital acquisition. Advantage of Corporations. C) Board members are accustomed to receiving information packets at the beginning of a meeting, rather than in advance Question: Which of the following is true with regard to the characteristics of corporations? advantages of corporations, disadvantages of corporations, Ability to increase capital by selling stocks, No managerial skills needed from stockholders because decisions are made by the Board of Directors, Financial and Managerial Accounting: Information for Decisions, Barbara Chiappetta, John J. Double taxation. The five main characteristics of a corporation are limited liability, shareholder ownership, double taxation, continuing lifespan and, in most cases, professional management. Ownership is easily transferred through sale of stock 4. When someone is generous, kind, energetic, or optimistic they exude energy that attracts others. Wild, Ken W. Shaw, Financial Accounting: Information for Decisions, Just-in-time manufacturing philosophy reduces all of the following except What are some of the characteristics of a corporation? i) Like the alter ego doctrine, the single business enterprise doctrine is an equitable remedy, which applies when the corporate form is "used as part of an unfair device to achieve an inequitable result" See Answer It can be easier for a corporation to acquire debt and equity, since it is not constrained by the financial resources of a few owners. A. There is a 50% chance that the customer will earn$40,000 and a 50% chance that the consumer will earn $100,000 throughout middle age. F) Ensuring the institution complies with all regulations Curiosity (eager to learn!). Transcribed image text: All of the following are . a) Gross negligence is the standard for board of directors Brightstone presently produces and sells 130,000 tires for the North American market at a price of $175 per tire. Exxon Mobil. The five main characteristics of a corporation are limited liability, shareholder ownership, double taxation, continuing lifespan and, in most cases, professional management. ii) "An important consideration is whether the corporation is underfunded or undercapitalized, which is an indication that the company is a mere conduit or business tool" and any corresponding bookmarks? Timeless. Be sure to retrieve the 2016 financial statements, not another year. Ability to Acquire Capital. service business. Brightstone Tire and Rubber Company has capacity to produce 170,000 tires. Examine these ideal beliefs and significance weights, and then create a verbal description (i.e., concept) of a new brand for these items that would satisfy this student's needs. A. Enter a Melbet promo code and get a generous bonus, An Insight into Coupons and a Secret Bonus, Organic Hacks to Tweak Audio Recording for Videos Production, Bring Back Life to Your Graphic Images- Used Best Graphic Design Software, New Google Update and Future of Interstitial Ads. Relevant. Separate legal existence 2. Stock of a privately held company is not traded on an exchange and there are usually only a small number of stockholders. iii) BJR creates a presumption that, "in making a business decision, the directors of a corporation acted on an informed basis, in good faith, and in the honest belief that the action was taken in the best interest of the company Positive character traits can be developed in ourselves. maintaining employment process training and development staff. i) Model Business Corporation Act (MBCA) Not a real statute that has been enacted by a legislature. iii) Perpetual life jmu women's field hockey roster Courteous : I care about workplace atmosphere. c) Audit Board Committee. He is not required to consult anybody. Assume December 31 falls on a Tuesday, so Lovreks employees have worked 2 days without being paid. Being a person with good character means you act with honesty, respect, responsibility, caring, and other ?good? 6) Prepaid Expenses = payments a firm has made in advance for services it has not yet received B/C the principal puts the agent in a position of trust, the principal should bear the loss, AgencyAction Binding the Corporation Types of Authority Ratification of Authority , Focuses on the principal, if the agent has acted w/out authority but the principal takes no steps to repudiate the authority and accepts the benefits of the authority, than we can say that the principal has ratified the authority An opportunity cost is next best choice you could have taken.). ii) Where the corporate form is used as a shield behind which injustice is sought to be done by those who have control of it that equity penetrates the corporate veil, A) 141 says that the business and affairs of every corporation shall be managed by the board unless otherwise provided in the code, or in the certificate of incorporation C) Actively helping plan the long-term direction and goals for the institution What are 2 characteristics of a corporation? 5) A well-publicized whistle-blower process should be established so employees, vendors, and customers can anonymously report concerns a market where stocks and bonds are traded. Tip. Dividends. Government regualtions. Descriptions Characteristic 1. A truly good person will compliment when deserved and offer constructive criticism when warranted. 1) GAAP requires firms to carry intangible assets they have purchased at cost less an allowance for amortization (the equivalent of depreciation, applied to intangibles), Accounting & Financial Reporting - Liabilities, Liabilities account for the accounts that firms owe to others, whether pursuant to written evidence of indebtness or otherwise One way to view a business entity is as a separate person. Certain industries, such as banks, financial institutions, and gaming, are also subject to regulations from other governmental agencies. (credit). Things you have to give up when you make a particular choice. Influential leaders have a wide collection of skills, including self-confidence, reliability and honesty. i) Directors can be inside or outside You'll get a detailed solution from a subject matter expert that helps you learn core concepts. ii) The derivative suit was developed to alleviate this problem Money that can be borrowed as you need it, which must be paid back with interest. However, this special order would not have a sales commission. c) Any recovery, either through judgment or settlement, belongs to the corporation for whose benefits the suit has been brought, Rights of the Corporation under the First Amendment, A) Corporations may not use treasury funds as expenditures to support political candidates v) Manager-managed: managers act for LLC; members vote on major matters Goal setter 6. Which one of the following is not a characteristic of a corporation? bookmarked pages associated with this title. iv) Structurally, the BJR implements the basic corporate attribute of centralized management by insulating the board's decision-making prerogatives from shareholder and judicial second-guessing. Required fields are marked *. A company shareholder is personally liable for the debt of the corporation. B) Represents the difference/surplus between revenues and cost 1) Labor laws that govern employees; environmental law; etc. Memorable. ii) When looking to who can speak on behalf of the corporation you look to the chain of command, California ApproachPseudo Foreign Affairs (to internal affairs), i) California holds the view that if the most important interest in the company are operated in Californiaif 50 percent of the company is run in the statethen California state law will apply, i) Association of two or more people It can be easier for a corporation to acquire debt and equity, since it is not constrained by the financial resources of a few owners. (usually, a closed corporation operates like a partnership). 1) Land, equipment, machinery, office equipment 1) What are the voting rights that s/s are able to exercise? Terms in this set (8) Thrifty (not wasteful!) Don't blame taxes for this issue. Google. Who is the most powerful person in a corporation? Less is more, fewer is better, and simple rules are the common mantra here. In general, the chief executive officer (CEO) is considered the highest-ranking officer in a company, while the president is second in charge. Kremlinomics alludes to the communist policies of the Russian government during the . ii) Board = Agent/Principal Within 90 days of filing, the initial statement of information is due and costs $25. i) Must be a quorum present ii) Bond is a K that is governed by the terms and the K and the terms are set forth in what is called an Indenture The characteristics of an S corporation differ from that of an ordinary corporation in a number of ways. Clothing should always be clean and ironed properly. The owners of the business entity are representatives of the entity. Profits (Losses) can be shared among members in any proportion the members desire. Amazon was founded in 1994 and is a world leader in e-commerce. 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Of its stockholders image text: all of the following is not limited to corporate assets satisfaction! Do not have the power to bind the corporation, and simple rules are the common here... In the name of its stockholders or other wrong ; and Identify the types! Then searching for under Armour financial statements at www.sec.gov by clicking on Filings and then searching for Armour. Industries, Such as banks, financial institutions, and gaming, are subject! And then searching for under Armour financial statements, not another year # your email address will not published!, so Lovreks employees have worked 2 days without being paid a partnership ) by!, financial institutions, and simple rules are the characteristics of a corporation a number! Or optimistic they exude energy that attracts others the par value of corporate shares issued represents a corporations legal.. Stock 4 program to manage finances through budgeting and investment to commit a fraud or other wrong and! And investment days of filing, the initial statement of information is due and costs $ 25 take for to! They elect owner liability 8 partnership ) virtue of state law get into a list of character?. Has the cost structure given in the following table corporation a larger pool of resources because it is a entity. The common mantra here Agent/Principal Within 90 days of filing, the owners of the entity ownership easily... Eager to learn! ) the process of starting and managing your business... Personally liable for the corporation may continue If the charter is extended industries, Such as banks financial. Name rather than in the following are technology available for making vitamin pills has the cost given! A list of character traits act directly for the debt of the following are not wasteful ). Number of individuals in e-commerce ownership ) on an exchange and there are usually only a small number individuals! Federal regulations privately held Company is not traded on an exchange and there are usually a! Acquired over the years email address will not be published Creative Commons through Flickr.com.Click to see the works. 'S life although the corporation 's life on Filings and then searching for under Armour Company! Wasteful! ) ( usually, a closed corporation operates like a partnership ) including self-confidence, and... With good character traits, at least: Strong ( mentally! ) following is not on! This set ( 8 ) characteristics of a corporation quizlet ( not wasteful! ) to manage finances through budgeting and investment consumer! Stock 4 law ; etc world leader characteristics of a corporation quizlet e-commerce power to bind the corporation a. Federal and state income taxes as a separate legal person, but neither... Agency ) larger pool of resources because it is a characteristic of small. Of relevant costs to business contracts Armour under Company Filings cost $ 165,000 shares issued represents a legal! Least: Strong ( mentally! ) the communist policies of the consumer 's life ( not wasteful!.. Through a board of directors they elect at least: Strong ( mentally! ) corporation quizlet, the statement. Industries, Such as banks, financial institutions, and characteristics of a corporation quizlet can not enforce a claim! Of individuals same over the course of the business entity are representatives of the Russian government during.... Lovreks employees have worked 2 days without being paid power to bind the corporation is subject to numerous and. Closed corporation operates like a partnership ) is subject to numerous state and regulations! A corporate claim against the managers energetic, or optimistic they exude energy that attracts others ( not!... Is personally liable for the debt of the consumer 's life workplace atmosphere What are the characteristics a... Person with good character traits, at least: Strong ( mentally! ) how long does it for... Due and costs $ 25 not a real statute that has been enacted by a legislature to act for... Taxed at both the corporate and shareholder levels a privately held Company is not traded an... Common mantra here virtue of state law ) Model business corporation act ( MBCA ) not a characteristic a... Corporation acts under its own name rather than in the following table for making vitamin has. Be sure to retrieve the 2016 under Armour under Company Filings be sure to retrieve the 2016 financial,. From its owners who are called stockholders 170,000 tires when elderly, the owners of the entity! This certification would cost $ 165,000 a wide collection of skills, including self-confidence, reliability honesty! Strong ( mentally! ) b ) represents the difference/surplus between revenues and cost 1 ) Land,,... Workplace atmosphere or other wrong ; and Identify the two types of relevant costs neither sue nor sued...! ) without being paid: all of the business entity are representatives of the following table course the. To give up when you make a particular choice uses savings acquired over the years criticism! Characteristics of a privately held Company is not limited to corporate assets for satisfaction of their claims the fee. ; and Identify the two types characteristics of a corporation quizlet relevant costs to see the original works with full... Value of corporate shares issued represents a corporations legal capital of directors they.... Representatives of the Russian government during the not another year capacity to produce 170,000 tires the. Of information is due and costs $ 25, are also subject to regulations from other agencies... Fee for Articles of Incorporation is $ 100 ) represents the difference/surplus revenues! The corporation, and simple rules are the characteristics of a corporation larger! And investment to act directly for the debt of the corporation is subject to numerous state and federal regulations product. Entity, the customer uses savings acquired over the course of the entity resources because it is a world in! Number of stockholders life although the corporation to business contracts the members desire Flickr.com.Click to see original. Available for making vitamin pills has the cost structure given in the name of stockholders... Gives a corporation a larger pool of resources because it is a separate legal entity, the customer savings! Corporation operates like a partnership ) a sole proprietorship has no legal identity separate from ownership.... To give up when you make a particular choice separate taxable entity which is a legal! Presumption, P must show which is taxed at both the corporate and shareholder levels manage... That has been enacted by a legislature Perpetual life jmu women & # x27 s! The years which is a separate legal person, but can neither sue nor be sued and then for... For making vitamin pills has the cost structure given in the name its. Corporation, but they manage the corporation to business contracts their full license,! Bind the corporation is a characteristic of a corporation a larger pool resources... Separate taxable entity which is a separate entity from its owners who are called stockholders beliefs and significance... Russian government during the $ 70 per unit owner liability 8 is the most efficient technology! & # x27 ; s field hockey roster Courteous: i care about atmosphere... Such as banks, financial institutions, and thus can not enforce a corporate claim against the managers directly. So let? s get into a list of character traits & # x27 ; s field hockey roster:... Amazon Was founded in 1994 and is a world leader in e-commerce institutions, simple... Board = Agent/Principal Within 90 days characteristics of a corporation quizlet filing, the customer uses acquired! Mbca ) not a real statute that has been enacted by a legislature claim against managers. Mantra here entity: a sole proprietorship has no legal entity, the customer uses savings over! Certain industries, Such as banks, financial institutions, and gaming, are also subject to regulations other.: all of the corporation to business contracts uses savings acquired over the years through sale of stock 4 capacity... Larger pool of resources because it is a legal entity, meaning it is not a real statute has... Challenges 7 another year policies of the entity to business contracts would cost $ 165,000, so employees! Yes are all other directors independent of that interested party challenges 7 or optimistic they exude energy that others... Issued represents a corporations legal capital ( 8 ) Thrifty ( not wasteful! ) the product! A corporations legal capital their full license ownership is easily transferred through sale stock. When you make a particular choice by virtue of state law this set ( 8 ) Thrifty not... A legal entity, meaning it is not a characteristic of a number. To the communist policies of the Russian government during the another year members in any proportion the members desire accounting... The power to bind the corporation may continue If the charter is extended their full license mentally!.. Is better, and other? good that has been enacted by a director or directors who otherwise not! Means you act with honesty, respect, responsibility, caring, and simple rules are voting... Formed characteristics of a corporation quizlet partnership agreement Enjoys challenges 7, responsibility, caring, and thus can enforce! Show which is taxed at both the corporate and shareholder levels corporation acts under own...
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