Chapter 39
Custom Business Applications Corporation substantially complies with all conditions precedent to
incorporation. Custom Business is most likely
a. a de facto corporation.
b. a corporation by estoppel.
c. a de jure corporation.
d. ultra vires.
Wings2Go Corporation fails to hold an organizational meeting. In this circumstance, at common law
Wings2Go is most likely
a. a corporation by estoppel.
b. a de jure corporation.
c. a de facto corporation.
d. ultra vires.
A &rm named Scienti&c Discovery Corporation (SDC) makes an a+empt to incorporate for a purpose
other than making a pro&t. SDC is
a. not a corporation.
b. a foreign corporation.
c. a nonprofit corporation.
d. an alien corporation.
Myron and Norah would like to form Originales, Inc., to do business in the art market. Generally, the
articles of incorporation for a corporation do not include
a. the capital structure of the corporation.
b. the nature and purpose of the corporation.
c. the corporate name.
d. the minutes of the first organizational meeting.
Stephan incorporates his scienti&c products business as Tech Supply, Inc. Unless the articles of
incorporation state otherwise, Tech Supply most likely has
a. perpetual existence.
b. a one-year, nonrenewable existence.
c. a &nite, yet-to-be-determined existence.
d. a one-year, renewable existence.
Painless Dental Equipment Company is incorporated in Colorado. In Wyoming, Painless is
a. a foreign corporation.
b. a non-entity.
c. an alien corporation.
d. a domestic corporation.
Olinka is a registered agent for Pads, Pods & Phones, Inc.), which incorporated in California. As a
registered agent, Olinka
a. applied to California on behalf of Pads, Pods & Phones to obtain its corporate charter.
b. represents Pads, Pods & Phones as a marketing agent.
c. receives legal documents on behalf of Pads, Pods & Phones.
d. agreed to buy stock in Pads, Pods & Phones before it existed.
Like the bylaws of other corporations, the bylaws of Retail Sales, Inc.,
a. were submitted for approval to the public o9cial in charge.
b. establish the value and classes of corporate stock.
c. were adopted at its first organizational meeting.
d. establish the operating name of the corporation.
Smalltown, Alabama is incorporated by the government. Smalltown is
a. a private corporation.
b. an alien corporation.
c. a public corporation.
d. a foreign corporation.
Brightbox, a DVD rental company, would like to change its corporate status to that of an S corporation to
avoid income taxes at the corporate level. To qualify, Brightbox must
a. have more than one class of stock.
b. be located in the United States.
