Separate Legal Existence - The Corporation acts under its own name rathe . Promoting from within cuts recruitment and training costs. Members of Gen Zloosely, people born from 1995 to 2010are true digital natives: from earliest youth, they have been exposed to the internet, to social networks, and to mobile systems. A) Waste only is "what the corporation has received is so inadequate in value that no person of ordinary, sound business judgment would deem it worth that which the corporation has paid" Some images used in this set are licensed under the Creative Commons through Flickr.com.Click to see the original works with their full license. B) Board members don't hold the CEO or management team accountable for actions or inactions a) *Current ratio = Current Assets / Current Liabilities* Long before the term "influencer" was coined, young people played that social role by creating and interpreting trends. B) Committees Boards delegate responsibilities to committees, who then have a certain amount of discretion with regard to their specific responsibilities, but they can't take action that would require s/h approval, can't fill vacancies on the board or on the committee, can't adopt/amend/repeal bylaws w/out full board approval. i) Like the alter ego doctrine, the single business enterprise doctrine is an equitable remedy, which applies when the corporate form is "used as part of an unfair device to achieve an inequitable result" Duration of life 3. B) Corporations should do a human rights due diligence analysis to examine risks of violations of human rights, i) If you are representing the corporation, then the corporation is your client, not any of the individual directors, officers or shareholders Once the approval is received, the corporation must develop its bylaws. Are you sure you want to remove #bookConfirmation# By setting up a PAC only those who support the politician can give money They remember their manners. Being a person with good character means you act with honesty, respect, responsibility, caring, and other ?good? a) Indenture sets out the companies full obligations to the creditors, the company has no fiduciary duty to creditors, their entire obligation and relationship is set forth in the K. In order to pierce the corporate veil, a P must prove (1) The owner has exercised such control that the corporation has become a mere instrumentality of the owner, which is the real actor; (domination) service business. Example #4 ? 6) The board should adopt appropriate policies and procedures to manage processes, establish guidelines, and determine appropriate risk thresholds for all significant products and services iv) Board of directors manage 2) Even if the corporation does well, the holder of the debt security only receives a fixed payment In a corporation, one stockholder cannot jeopardize other stockholders through poor decision making. In a corporation, one stockholder cannot jeopardize other stockholders through poor decision making. The stock of a public company is traded on a stock exchange. c. lead time As an entity separate and distinct from its owners, the corporation acts under its own name rather than in the name of its stockholders. 1. an odd degree polynomial function with real coefficients. Stockholders have the right to: vote for the members of the Board of Directors and any other items requiring stockholders action; receive dividends when authorized by the Board of Directors; have first right of refusal when additional shares are issued, thereby allowing the stockholder to maintain the same ownership percentage of the company before and after the new shares are issued (called a preemptive right); and share in assets up to their investment, if the company is liquidated. The corporation?s resources are limited to what the stockholders can contribute. Shareholders who are mutual agents b. ii) Bond is a K that is governed by the terms and the K and the terms are set forth in what is called an Indenture a) Appears on the right side of the balance sheet b/c it may be considered as the amount that is "owed" to the stockholders, Accounting & Financial Reporting - Financial statements are produced through a 3-stage process, i) First "Recording and controls" stage Note that output is measured as the number of bottles of vitamins produced per day and that costs include a normal profit. c. The companys rates of return on sales (ROS), average total assets (ROA), and average stockholders equity (ROE), using DuPont analysis. What are 2 characteristics of a corporation? a) General partners have comparable liability to the liability they have in a general partnership, but a limited partners liability is limited to the capital she has contributed to the partnership C) Rationale is that if a corporation used its own treasury funds then s/h who produce revenue for the corporation could be supporting a politician they don't support. - c. $70 per unit 5) Vote to amend to Articles Retrieve the 2016 Under Armour financial statements at www.sec.gov by clicking on Filings and then searching for Under Armour under Company Filings. \text{Total}&\underline{\$129}\\ What are some good character traits to have? Separate Legal Existence ii) Duty of care requires a director to act in the corporations best interest and to exercise reasonable care in overseeing the corporations affairs and in making business decisions d) If they are repurchased by the corporation they become authorized and issued, but not outstanding, Before a corporation that has issued all the shares authorized by the articles of incorporation can issue more stock, it must amend the articles of incorporation to authorize additional shares is a company that is registered by a state and operates apart from its owners. a) Oversees the way senior executives are paid iv) Ratification of Authority Focuses on the principal, if the agent has acted w/out authority but the principal takes no steps to repudiate the authority and accepts the benefits of the authority, than we can say that the principal has ratified the authority, AgencyAction Binding the Corporation Types of Authority Apparent Authority , Perceptions of the third party, not the principal. d. overhead costs. 3. When someone is generous, kind, energetic, or optimistic they exude energy that attracts others. Cooperative : I get along well in a team setting. B) Directors are responsible for the shareholders of the corporation. A corporation is a legal entity, meaning it is a separate entity from its owners who are called stockholders. 7) The board should establish a suitable committee structureconsistent with the institution's size and complexitythat encourages open participation by independent directors Means that the relationship between shareholders and managers (directors and officers), will be governed by the corporate statutes and case law of the state where the corporation is incorporated Some persons may be employed to help the owner but ultimate control lies with him. G) Attending meetings and actively participating in board discussions Some refer to it as a legal person.. i) Must be a quorum present So, the minimum grand total for forming a California corporation is $125. Corporation Has. While it offers the same liability protection as a C corporation, an S corporation comes with certain restrictions that can limit its . There may be thousands, even millions, of stockholders in a public company. In general, the chief executive officer (CEO) is considered the highest-ranking officer in a company, while the president is second in charge. \text{Factory overhead (60\\\% variable)}&25\\ Limited liability. See Answer Fluctuating demand is another characteristic of B2B markets: a small change in demand by consumers can have a big effect throughout the chain of businesses that supply all the goods and services that produce it. a) Articles of incorporation will create authorized shares The five main characteristics of a corporation are limited liability, shareholder ownership, double taxation, continuing lifespan and, in most cases, professional management. 2023 Course Hero, Inc. All rights reserved. Here are certain characteristics that are not representative of corporations: The stockholders of a corporation have unlimited liability. Corporations enjoy most of the rights and responsibilities that individuals possess: they can enter contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes. They compliment others when deserved. Bridgewater Corp. offered holders of its 1,000 convertible bonds a premium of $160 per bond to induce conversion into shares of its common stock. Be sure to retrieve the 2016 financial statements, not another year. Government regualtions. ii) A corporation's board of directors generally may sell authorized but unissued stock on whatever terms it decides reasonable. Table 4.1. 4) Debt securities can be secured or unsecured and are called bonds, debentures, or notes, B) A corporations articles of incorporation specify how many shares of common stock and preferred stock the corporation is authorized to issue Money that can be borrowed as you need it, which must be paid back with interest. (9) Payment of guarantee of the corporation's debt by the dominating entity; and Can have current assets, fixed assets, and intangible assets A corporation is a legal entity, meaning it is a separate entity from its owners who are called stockholders. What are the characteristics of a corporation quizlet? Versatile. What will she spend in each stage of her life? A. a) It is an action in equity brought by a shareholder on behalf of the corporation b) Shareholders, particularly in closely held corporations, may be reluctant to approve a board resolution to issue more shares out of the fear that those additional shares will dilute their voting power 3) Elect Directors Which is a disadvantage of a corporate structure? b) Action is brought against the corporation for failure to bring an action in law against some third party, most often an alleged careless or unfaithful manager, who is also a defendant in the suit Timeless. An opportunity cost is next best choice you could have taken.). 15 Simple Traits Of A Truly Good Person (Hint: The consumer will attempt to maintain constant consumption for her final two life periods as long as she can consume at least $20,000 in each period after she reaches middle age.). 1) Generally, this means a member must be able to read and understand fundamental financial statements These characteristics are as follows: Capital acquisition. C) Most important is cash flow from operating activities i) Revenue - Cost = Income v) Dissolved by withdrawal of a general partner, i) Legal entity separate from shareholders Corporation acts under its own name rather than in the name of its stockholders. Corporation acts under its own name rather than in the name of its stockholders. The par value of corporate shares issued represents a corporations legal capital. As a corporation is owned by stockholders and managed by employees, the sale of stock, death of a stockholder, or inability of an employee to function does not impact the continuous life of the corporation. Example #3 ? ii) Board = Agent/Principal Two key characteristics of a C-Corporation are: it provides limited liability to the owners/shareholders; and, unlike an S-Corp, it is not a flow-through entity. Capital acquisition. Professional appearance. Ownership evidence by shares of stock 3. Examples of personal positive qualities: kind, gentle, strong, resilient, caring, assertive, hard-working, reliable, honest, practical, responsible, loyal, mature, creative, consistent, appreciative, capable, quick, sensitive, perceptive, patient, thoughtful, fit, trustworthy, shows initiative, motivated, versatile. a) Company records in its books information concerning every transaction in which it's involved is the process of starting and managing your own business. A) Closed Corporation Held by a small group of people and not publicly traded. What are 2 characteristics of a corporation? The loan and the interest are repayable in full in November. What are 3 characteristics of corporations? They call their parents regularly. Within 90 days of filing, the initial statement of information is due and costs $25. Is Ashford nationally or regionally accredited? often referred to as a closely held corporation, usually has only a few stockholders, and does not offer its stock for sale to the general public. By contrast, any investor with the necessary funds can buy stock in a publicly held firm . High Fence Whitetail Hunts Nestled in the hills of south central Kentucky lies an oasis of trophy whitetail bucks and the best Kentucky deer hunting you've ever seen. With honesty, respect, responsibility, caring, and other? good you could have taken )! Act with honesty, respect, responsibility, caring, and other? good it is legal! 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