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Business Org chap 7

Intro to Corporations

QuestionAnswer
Corporation A legal entity created by a state to carry out business
MBCA-Model Business Corporation Act Act upon which individual statutes governing corporations are based
Corporate Powers List of activities enumerated by a state in which a corporation can engage
Domestice Corporation operating in the state of it incorporation
Foreign Corporation operating in a different state than its incorporation
Alien Corporation formed in another country
Federal or state corporation An entity formed under authority of a federal or state statute
Public Corporation shares are sold to the public at large
Privately held corporation shares are owned by a small group; family or friends
Non profit Corp not for profit, for public benefit, religous or mutual benefit
Close Corp Shares are held by a small group and can act informally
Professional Corporation organized by individuals, such as doctors
S corporation Avoids double taxation
Parent Corporation creates another corp
Subsidiary corporation created by another (parent) corp
Stock Certificate document that represents ownership in a corp
Double Taxation Concept in corp law which money earned by a corp is taxed; when remainder is distributed the shareholders are taxed
Section 1244 stock upon the sale at a loss receives favorable tax treatment and is taxed as an ordinary loss
Qualified small Business stock issued by a corp that provides certain tax benefits on the gain realized on the sale of the stock
Popular Standardized Tests sets

 

 



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