Question : 60) A(n) ________ a clause that can be included in : 1858403

60) A(n) ________ is a clause that can be included in the articles of incorporation that permits the corporation to engage in any activity permitted by law.

A) general-purpose clause

B) limited-purpose clause

C) dissolution clause

D) ultra vires clause

61) A(n) ________ is a clause that can be included in the articles of incorporation that stipulates the activities that the corporation can engage in. The corporation can engage in no other purposes or activities.

A) ultra vires clause

B) dissolution clause

C) general-purpose clause

D) limited-purpose clause

62) A person or corporation that is empowered to accept service of process on behalf of a corporation is referred to as a(n) ________.

A) promoter

B) shareholder

C) registered agent

D) incorporator

63) Which of the following must necessarily be met for a corporation to elect as a statutory close corporation?

A) The corporation must have 100 or more shareholders.

B) The corporation must have 50 or fewer shareholders.

C) The corporation must contain a board of directors.

D) The corporation must have a set of bylaws.

64) A detailed set of rules adopted by the board of directors after a corporation is incorporated that contains provisions for managing the business and the affairs of the corporation are referred to as ________.

A) ultra vires rules

B) articles of incorporation

C) bylaws

D) corporation codes

65) Which of the following is true of corporate bylaws?

A) They only contain rules on how the corporation can deal with the government.

B) They are only adopted by the shareholders of the corporation.

C) They are not binding on the directors, or shareholders of the corporation.

D) They do not have to be filed with any government official.

66) Which of the following is true of a C Corporation?

A) It doesn't pay tax at the corporate level.

B) Shareholders of such a corporation don't pay tax on their dividends.

C) It must have more than 100 shareholders.

D) Nonresident aliens cannot be shareholders.

67) Which of the following is true of an S corporation?

A) The corporation can have no more than 100 shareholders.

B) Only foreign corporations can be an S corporation.

C) They are taxed at the corporate level.

D) The corporation must be a member of an affiliated group of corporations.

68) Which of the following criteria must be met for a company to be treated as an S corporation?

A) Shareholders must be other corporations or partnerships.

B) Nonresident aliens cannot be shareholders.

C) The corporation must have more than 100 shareholders.

D) The corporation must have more than one class of stock.

69) ________ are powers beyond express powers that allow a corporation to accomplish its corporate purpose.

A) Cumulative powers

B) Corporation codes

C) Ultra vires acts

D) Implied powers