WorksheetsCorp Quiz
Total questions: 23
Worksheet time: 12mins
At what level is a Corporation filed?
State
County
Federal
What is a Corporation? Select all that apply.
A type of business registration
A state specific filing that allows one to create a separate entity that provides name protection and personal liability protection at the state level.
A type of tax designation
A state specific filing that allows one to create a separate entity that provides name protection and personal taxation protection at the federal level.
What kind of protection does a Corporation offer?
Name protection & limited protection
Name protection and personal taxation protection
Name protection and personal liability protection
Owners of Corporations are called (a)
Ownership in a Corporation is expressed by (a)
When do Corporation expire?
Every year
Within 3-5 years
Within 10 years
No expiration date; perpetual
Corporations (a) recognized outside of the U.S.
A Corporation can be owned by one person or entity.
True
False
Only U.S. citizens/residents can own a Corporation.
True
False
What is the default tax classification of a Corporation?
C-Corp
S-Corp
Pass-thru
What is 'Par value'?
The average value of a share of stock
The maximum amount a share can be sold for
The minimum amount a share can be sold for
What is the state filing document called?
Certificate of Organization
Articles of Incorporation
Articles of Organization
Who are the officers?
1. President,
2. Vice President,
3. Secretary
1. President,
2. Treasurer,
3. Secretary
1. VIP
2. CFO
3. COO
What is required for Corps but optional for LLCs?
Annual Reports
Registered Agent
Annual Meeting
What is the directors role?
To hire and fire shareholders
Board members that oversee the direction of the Corp
Keep track of meeting minutes
A Director (a) also be an Officer.
Can a shareholder also be a director?
Yes
No
Maybe
What is C-Corp?
Single taxation: the default taxation classification of a Corporation.
Double taxation: the default taxation classification of a Corporation.
501(c): the default tax classification of a Corporation,
What is the Treasurers responsibilities?
Keeping Corp docs and records up-to-date
Financial matters
Signing contracts and other legally-binding documents
What is the Secretary responsibilities?
Signing contracts and other legally-binding documents
Financial matters
Keeping Corp docs and records up-to-date
What is the Presidents responsibilities?
Signing contracts and other legally-binding documents
Financial matters
Keep records and documents up-to-date
Match the following
Shareholder
Owner
Director
Oversee the direction of the company
Officer
Day to day responsibilities
Minutes Manager
Annual board meetings
C-Corp
Default taxation designation
Shareholders
Members
Managers
Member managed
Manager managed
Directors
President
Secretary
Treasurer
Articles of Organization
Articles of Incorporation
Pass-thru
C-Corp
Percentages
Shares
