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Corporation

What is the definition of a corporation

A company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

A legal form of business operation between two or more individuals who share management and profits.

A business that legally has no separate existence from its owner.

Which Two of these businesses are a corporation

Microsoft

Adidas

Warner Bros.

FedEx

Which disadvantage doesn't apply to this business type (corporation)

There will be double taxation

Lots of rules to follow (hard process to start)

The business is fully liable for all debts and actions

It can cost 1,000$ to 8,000$ to start a corporation (depending on state)

True

False

Your Not liable for all debt/actions of the business

True

False

Owners of a corparation are called "Share holders"

True

False

You need to obtain special licensees and permits to start the business

True

False

There is no double taxation

True

False

What is a simple definition of a "Corporation business"

What is the name of the paperwork you have to fill out to make the corporation

1 or more people are legalized to act as a single entity (for owning the business)

True

False

What's the name of the laid out operating rules of the comany

Bylaws

Rules of incorporation

Rules of corporation

None of the above

How large are corporations

Nation-wide

State-wide

Global

All of the above

In most states, it requires ____ people to start a corporation

Several

What are corporate by laws?

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