Discuss the nature of the firm business activities

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Reference no: EM131522144

Question: Match (by letter) the following terms with their definitions. Each letter is used only once

Terms

1. Publicly held corporation.

2. Model Business Corporation Act.

3. Articles of incorporation.

4. Limited liability.

5. Mutual agency.
6. Double taxation.

7. S corporation.

8. Limited liability company

Definitions

a. Shareholders can lose no more than the amount they invest in the company.

b. Corporate earnings are taxed twice-at the corporate level and individual shareholder level.

c. Like an S corporation, but there are no limitations on the number of owners as in an S corporation.

d. Designed to serve as a guide to states in the development of their corporate statutes.

e. Allows for legal treatment as a corporation, but tax treatment as a partnership.

f. Has stock traded on a stock exchange such as the New York Stock Exchange (NYSE).

g. Individual partners in a partnership have the power to bind the business to a contract.

h. Describes

(a) the nature of the firm's business activities,

(b) the shares to be issued, and

Reference no: EM131522144

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