who is considered to be the owner of the corporation? course hero

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View full document. See Page 1. Owners of the stock corporation. Board members stockholders. Board members stockholders. Is a business organization owned by a group of individuals and is operated for their mutual benefit. The persons making up …

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121) An owner of a corporation is known as a (n): A. General partner. B. Limited partner. C. Director. D. Stockholder. AACSB: Reflective Thinking Bloom's: Knowledge Learning Goal: 05-3 Level of Learning 1: Knowledge of key terms Topic: Corporations 247. (p.

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Jun 24, 2016 · Explain the term corporation. Provide THREE (3) advantages and THREE (3) disadvantages of corporations. (15 marks) 5. Give an example of a situation in which a person would want to be a limited partner. Explain the rationale in this scenario. (8 marks) 6. List FOUR (4) factors to consider before buying a franchise. Illustrate your answer with ...

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Question 3: A director of a corporation has the right to: - elect and remove officers. - establish the price for the sale of shares of stock. - sell, lease, and mortgage assets of the corporation outside the normal course of its business. - inspect the corporate books and records.

Who is considered the owner of a corporation?

Shareholders are actual owners of a corporation, while the board of directors manages the corporation. The law acknowledges a corporation as a completely separate, legal entity.

Can a person be an owner of a corporation?

After all, corporations need to have boards of directors and hold shareholder meetings -- which sounds more like a room full of suits than a single person working from home. However, all states do allow corporations to have just one owner. You can be the sole shareholder, director and officer for your company.Dec 14, 2016

How do you become an owner of a corporation?

To become a corporation, you will need to hire an attorney, appoint directors and a registered agent, create bylaws, issue stock, and file articles of incorporation and IRS forms.Sep 3, 2020

Can a corporation not have an owner?

A non-stock corporation is a corporation that does not have owners represented by shares of stock. That type of corporation is called a stock corporation. Instead, a non-stock corporation typically has members who are the functional equivalent of stockholders in a stock corporation (they have the right to vote, etc.)

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What is a corporation?

Corporation. A corporation is considered a separate, legal entity and is usually chartered by the state in which it is based. The business is separate from those who own it. The corporation is responsible for all aspects of the business and receives all the profits from the business.

What is a subchapter S corporation?

In some cases, a corporation is set up as a “Subchapter S” corporation. This allows shareholders some flexibility in how corporate earnings, profits, and wages are classified, potentially lowering the amount of payroll taxes. A Subchapter S corporation functions much like a partnership.

What is sole proprietorship business?

A sole proprietorship is the most common type of small business. The business has one owner, who is responsible for all aspects of the business and receives all the profits from the business. Legally, the owner IS the business. Income and expenses are reported on the regular individual tax forms, such as the Federal 1040.

What are the disadvantages of sole proprietorship?

Disadvantages of a sole proprietorship include the following: The owner is solely responsible for any debts or liabilities incurred by the business. Any benefits –- such as medical insurance -– may be only partially deductible. It may be more difficult to raise additional funds from outside sources.

Is medical insurance deductible on taxes?

Any benefits –- such as medical insurance -– may be only partially deductible from tax returns. Disagreements about any aspect of the business may occur. The partnership may dissolve if one partner leaves or dies.

What is a partnership agreement?

Partnerships can be set up in several ways: General Partnership: An agreement among the partners determines how to divide responsibility for management, liability, profits, and loss among the partners. Limited Partnership: Most of the partners have limited input and liability for operation of the business.

Is dividend paid to shareholders taxable?

Corporations may be more closely monitored by a variety of local, state, and federal agencies. Dividends paid to shareholders aren’t tax deductible to the corporation; overall taxes may be higher, as shareholders also must pay taxes on the dividends.