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All corporations must have their tax year end on December
The terms merger and consolidation are interchangeable.
A stock subscription agreement does not usu- ally include the
A. Subscriber's name and address
B. name of the corporation.
C. number and class of the shares subscribed to.
D. rules and guidelines for the internal govern- ance of the corporation.
A bondholder is often considered to be more of a creditor than an owner.
The sole proprietorship is dissolved by filing a certificate of dissolution with the
secretary of state.
The corporation's state of domicile is the state where its articles of incorporation are
filed, regardless of where it transacts its business.
When grounds for an administrative dissolution are found, the corporation is
immediately con- sidered to be dissolved.
Corporate directors may be found personally liable for their poor business decisions
that adversely affect the corporation, even if those decisions are made with diligence
and in good faith.
A restrictive covenant found in an employment agreement that restricts the divulgence
of trade secrets loses its effect once the trade secret becomes common knowledge.
Employee benefit plans that meet with certain requirements of the Internal Revenue
Code and qualify for special tax treatment are referred to as qualifiedretirementplans.
An employment agreement is usually assign- able by the employee.
The laws of the foreign state govern the internal affairs of the foreign corporation.
In states following the Model Business Corpo- ration Act, a notice of revocation of
dissolution may be filed with the secretary of state to re- voke the dissolution of a
corporation.
Qualified plan contributions may be made by the plan sponsor and/or the plan
participant.
A qualified plan can be made by an oral agreement.
Partners are liable for the personal debts of an insolvent partner.
The interest of a limited partner is considered to be personal property.
A power of attorney need not be put in writing.
Parties to an employment agreement will often agree to submit any disputes over the
agreement to binding arbitration for resolution.
