What powers does a corporation normally possess?
The general powers granted by incorporation statutes typically include:
(a) perpetual succession; (b) to sue and be sued in its corporate name; (c) to acquire and dispose of property; (d) to make contracts, borrow money, and secure its obligations; (e) to lend money; (f) to be a partner in a partnership; (g) to conduct its business in this and other states; (h) to establish pension, profit sharing, and other plans; and (i) to make charitable donations. The Revised Act makes a general grant of power to all corporations to do all things necessary or convenient to carry out its business and affairs.
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Anole Company was incorporated as a new business on January 1, 2015 . The company is authorized to issue 20,000 shares of $5 par value common stock and 10,000 shares of 6%, $10 par value, cumulative, participating preferred stock. On January 1, 2015, the company issued 8,000 shares of common stock for $15 per share and 2,000 shares of preferred stock for $30 per share. Net income for the year
ended December 31, 2015, was $375,000. Refer to the information about Anole Company. The amount of Anole's total contributed capital at December 31, 2015, is a. $ 60,000 . b. $120,000 . c. $180,000 . d. $555,000.
When preparing for a performance review, it is important to make sure the job description is accurate and up to date
Indicate whether the statement is true or false.
What kind of knowledge is the Board of Directors intent on sharing? Which are its characteristics?
What will be an ideal response?
In order to protect against rent increases on the building in which she operates a dance studio, Mella signs an 18-month lease for $36,000. The lease commences on October 1, 2019. How much of the $36,000 payment can she deduct in 2019 and 2020? a.If Mella is an accrual basis taxpayer? b.If Mella is a cash basis taxpayer?
What will be an ideal response?