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Business Org chap 7
Intro to Corporations
| Question | Answer |
|---|---|
| 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 |
Created by:
Lilly_Evans@comcast.
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