a corporation that does business in the state in which it was created is called an: course hero

What is a corporation?

 · The three main types of business incorporations are: 1. C Corporation. C Corporation is the most common form of incorporation among businesses and contains almost all of the attributes of a corporation. Owners receive profits and are taxed at the individual level, while the corporation itself is taxed as a business entity. 2.

What are the characteristics of a corporation Quizlet?

corporations are created through a ____ law filing, and their formation is governed through _____ ... corporation formed outside the United States that transacts business in the United States. nonprofit corporation. corporations that do not have profit-seeking owners but rather exist to perform some service to the public at large.

Which state actually does business incorporation?

business entity created by filing a form (articles of incorporation) with agency, paying states incorporation fees, and meeting other requirements ... corporations that wish to do work in other states must do paperwork, fees, and taxes. corporations that do businesses in other states are called. domestic corporation. a corporation must register ...

What is the ownership of a corporation called?

 · 1 : Choice of ownership determines the degree to which each owner has personal liability for the firms debts . 2 : The most basic form of a partnership is known as a general partnership . 3 : A corporation is a business entity created by filing a form , which is known in most states as thearticles of incorporation .

How to be recognized as a corporation?

To be recognized as a corporation, a business must file an application that includes the corporation's articles of incorporation (charter) with the State, pay an incorporation fee, and be approved by the State. Once the approval is received, the corporation must develop its bylaws. Organization costs, including legal fees, ...

Why is a corporation a larger pool of resources?

This gives a corporation a larger pool of resources because it is not limited to the resources of a small number of individuals. The limited liability and ease of transferring ownership rights makes it easier for a corporation to acquire capital by selling stock, and the size of the corporation allows it to issue bonds based on its name.

What is ownership in a corporation?

Ownership in a corporation is represented by stock certificates, which is why the owners are called stockholders. Stockholders have the right to: vote for the members of the Board of Directors and any other items requiring stockholders action; receive dividends when authorized by the Board of Directors; have first right ...

What is a stockholder called?

In some states, stockholders are called shareholders . A number of characteristics distinguish a corporation from a sole proprietor or partnership.

What are the characteristics of a corporation?

Characteristics of a Corporation. A corporation is a legal entity, meaning it is a separate entity from its owners who are called stockholders. A corporation is treated as a “person” with most of the rights and obligations of a real person. A corporation is not allowed to hold public office or vote, but it does pay income taxes.

Is an organization's legal fee an intangible asset?

Organization costs, including legal fees, underwriters' fees for stock and bond issues, and incorporation fees, are recorded as an intangible asset and amortized over a period of time not to exceed 40 years. Ownership in a corporation is represented by stock certificates, which is why the owners are called stockholders.

Is a corporation a separate entity?

Separate legal entity. The corporation is considered a separate legal entity, conducting business in its own name. Therefore, corporations may own property, enter into binding contracts, borrow money, sue and be sued, and pay taxes. Stockholders are agents for the corporation only if they are also employees or designated as agents.

What is a corporation owned exclusively by a group of private individuals?

corporations owned exclusively by a group of private individuals; corporation that does not sell ownership interests through sales via a broker to the general public or to financial institutions or investors

What is an individual who carries out business ventures before actually filing the articles of incorporation?

individual who carries out business venture's activities before actually filing the articles of incorporation; these activities include arranging for necessary capital through a loan, recruiting personnel, leasing property, and arranging to have the business incorporated

What is an action in which a court discards the corporate veil and holds some or all of the shareholders personally

action in which a court discards the corporate veil and holds some or all of the shareholders personally liable because fairness demands doing so in certain cases of inadequate capitalization, fraud, and failure to follow corporate formalitites

What is included in a corporation incorporation document?

the document filed with a state authority that sets in motion the incorporation process, includes the corporation's name and purpose, number of shares issued, and address of the corporation's headquarters

What does "owner" mean in corporate?

the owner of a corporation; act principally through electing and removing directors and approving or withholding approval of major corporate decisions

How does a privately held corporation fund capitalization?

privately held corporation wishes to fund capitalization through the sale of ownership interests to the general public and commercial investors

What is a public corporation?

corporation formed by a government body to serve the public at large , such as a public mass transit company; have similar structure to a private corporation but have no owners (NOT "publicly held corporation")

How is a business entity created?

business entity created by filing a form (articles of incorporation) with agency, paying states incorporation fees, and meeting other requirements

How are individuals taxed in a C corporation?

How are individuals taxed in c corporations. any earning that a corporation distributes to stockholders are taxed again as the personal income of the stockholders; this is double taxation. most states impose an annual franchise tax on both. domestic and foreign corporations that operate within their border.

What is limited liability?

limited liability. limited liability define. meaning the owners are not personal responsible for debts and obligations of the company. limited liability company is. a form of business ownership that offers both limited liability to its owners and flexiable tax treatment.

What is a classify based on?

they classify based on tax treatment the company selects; for example if they choose to be taxed as partnerships they will be tracked under partnerships

What does it mean to be your own boss?

being own boss means long hours and stress; must perform tasks or make decisions where there is lack of expertise

What does "owner" mean in business?

owner is in control and have ability to manage business the way you want

Which is more profitable, partnerships or partnerships?

partnerships tend to be both larger and profitable than

What does C stand for in a business?

Answer: C : considered to be the owners personal liabilities .

Which is more flexible, a corporation or an LLC?

6 : A corporation offers more flexibility than a limited liability company ( LLC ) in terms of tax treatment .

What is the purpose of choice of ownership?

1 : Choice of ownership determines the degree to which each owner has personal liability for the firms debts .

What is the most basic form of a partnership?

2 : The most basic form of a partnership is known as a general partnership. A : true B : false Correct Answer : A. 3 : A corporation is a business entity created by filing a form, which is known in most states as thearticles of incorporation. A : true B : false Correct Answer : A.

How many stockholders can an S corporation have?

20 : A disadvantage of an S corporation is that it can have no more than 50 stockholders .

Which is more profitable, a sole proprietorship or a partnership?

8 : A sole proprietorship tends to be both larger and more profitable than a partnership .

Who must share after-tax profits with the company?

10 : The owner of a sole proprietorship must share any after-tax profits with the companys shareholders .

What is an ongoing business state?

Any state in which it has ongoing business

Who is the promoter of a corporation?

The promoter is the first shareholder of the corporation.

Why do corporations need an official address?

One of the primary reasons corporations are required to have an official address in the state of incorporation is so that

Does Promoter have to comply with incorporation requirements?

Promoter has substantially complied with the requirements for incorporation, but made some minor error.

Can a promoter be released from liability?

A promoter may be released from liability from a contract once adopted by the corporation

Can a corporation undertake any transactions unless its charter permits it?

a corporation cannot undertake any transactions unless its charter permits it

Which case prohibits employers from requiring a high school education as a prerequisite for employment or promotion?

Griggs v. Duke Power Company, which prohibits employers from requiring a high school education as a prerequisite for employment or promotion without demonstrable evidence that the associated skills relate directly to job performance

What is a job description?

A job description describes the qualifications an employee needs, such as skills, educational experience, appearance, and physical attributes.