Normal Size Small Size show me how
LIT1 - WGU - Corp
|Why is a corporation formed?
|To transact business for profit
|Who mainly owns a corporation?
|The shareholders of the corporation
|Which amendment is a corporation mainly protected?
|The fifth amendment
|If a corporation wants to do business in multiple states who must it comply with?
|The states in which it does business and the federal law.
|What is the main type of corporation?
|General business corporation
|What is the S-type of corporation?
|small, privately owned corporation, limited to 35 shareholders who are taxed like partners
|What is a C-Type corporation?
|small, has under 30 shareholders, shares are not publicly traded.