Explain the role of officers in the management of a corporation.
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Explain the role of officers in the management of a corporation.
A corporation is an entity that has a separate identity from its owners. They can enter into contracts, borrow loans, hire employees, own assets, pay taxes, and file a case as an individual.
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- What elements determine firm performance? Explain.The McDonald Investment Company was a corporation organized and incorporated in the state of Minnesota. The principal and only place of business from which the company conducted operations was Rush City, Minnesota. More than 80 percent of the company’s assets were located in Minnesota, and more than 80 percent of its income was derived from Minnesota. McDonald sold securities to Minnesota residents only. The proceeds from the sale were used entirely to make loans and other investments in real estate and other assets located outside the state of Minnesota. The company did not file a registration statement with the SEC. Does this offering qualify for an intrastate offering exemption from registration? Explain your answer.Madison and Tilson agree to form a limited partnership with Madison as general partner and Tilson as the limited partner, each to contribute $12,500 as capital. No papers are ever filed, and after ten months the enterprise fails, its liabilities exceeding its assets by $30,000. Creditors of the partnership seek to hold Madison and Tilson personally liable for the $30,000. Explain whether the creditors will prevail.
- Willams and Nick are childhood friends. Nick had lost his right hand in an accident in childhood. They meet after a long time in a restaurant. On being asked, Nick tells Willams that he feels very discontented in managing his family business after the death of his father as it doesn't match his areas of interest. Willams knows that Nick possesses extraordinary skills in management although he hasn't acquired any professional degree in management. Therefore, he asks Nick to wind up his business in India and join him in his hotel business in Dubai as an Assistant Manager in the Sales and Marketing Division. In the context of the above case: 1. Can Nick be deployed to the post of Assistant Manager in the Sales and Marketing Division though he hasn't acquired any professional degree in management? Explain by giving suitable justifications in support of your answer. 2. List any two values that are reflected in this act of Willams.ExplainUnlimited liability is an advantage of a sole proprietorship; True or False
- Mork and Mindy create a for-profit corporation, Mork's House, to provide shelter to homeless and abused women and children. Mork and Mindy are shareholders of the corporation. Zada is also a shareholder in the corporation, along with five others. Douglas manages the day-to-day operations of the corporation. The bylaws of the corporation provide that the corporation is established for the sole purpose of providing shelter, food, and care for homeless and abused women and children and for no other purpose. When the refrigerator in Mork's House stops working, Douglas purchases a new refrigerator from Home Depot and charges it to the corporation. If Zada challenges the purchase as being ultra vires: she will lose, because purchasing the refrigerator is an express power of the corporation. she will lose, because purchasing the refrigerator is an act reasonably necessary to accomplish the goals. she will win, because the bylaws do not address purchases of appliances. she will win, because…Ay-Bee-Cee-Dee Corp. has filed a Subchapter S election under the Internal Revenue Code for taxation purposes. As you know, S corporations are allowed only a limited number of shareholders and, regardless of the number, certain types of entities, including other corporations, cannot be shareholders in S corporations. Carter wants to transfer his shares of Ay-Bee-Cee-Dee Corp. to CarCor, Inc., a corporation that he and his brothers own. If Able, Baker, and Dennis want to preserve their Subchapter S election and, thus, block the transfer of Carter's shares to CarCor (without being stuck having to purchase Carter's shares themselves), which of the following transfer restrictions would best allow them to accomplish their goal? Multiple Choice Right of first refusal Consent restraint Provision disqualifying purchasers Buy-and-sell agreement Option agreement Right of first refusal Consent restraint Provision disqualifying purchasers Buy-and-sell agreement Option agreementThe Cutler Company was duly merged into the Stone Company. Yetta, a shareholder of the former Cutler Company, having paid only one-half of her subscription, is now sued by the Stone Company for the balance of the subscription. Yetta, who took no part in the merger proceedings, denies liability on the ground that, inasmuch as the Cutler Company no longer exists, all her rights and obligations in connection with the Cutler Company have been terminated. Explain whether she is correct.
- Merger The board of directors of Plant Indus-tries, Inc. ( Plant), under the guidance of Robert B. Bregman, the chief executive officer of the corporation, embarked on a course of action that resulted in the sale of several unprofitable subsidiaries. Bregman then engaged in a course of action to sell Plant National ( Quebec) Ltd., a subsidiary that constituted Plant’s entire Canadian operations. This was a profitable subsidiary that comprised more than 50 percent of Plant’s assets, sales, and profits. Do Plant’s shareholders have to be ac-corded voting and appraisal rights regarding the sale of this subsidiary?Explain the basic governance structure of a corporation (i.e., the interrelationship of shareholders, officers, and directors).Compare the liability of the owners of partnerships, sole proprietorship, and corporations. Please explain