Briefly discuss the the major restrictions placed on an "S" corporation
An "S" Corporation faces some major restrictions. they are:
There can be only one class of stock.
There can be no more than 100 shareholders.
Shareholders must be individuals, estates, charities, pension funds, or trusts, not partnerships or corporations.
Shareholders must be citizens or residents of the United States, not nonresident aliens.
All shareholders must agree that the company should be an S corporation.
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A company issued 65 shares of $100 par value common stock for $7500 cash. The total amount of paid-in capital is:
A. $1000. B. $100. C. $7500. D. $650. E. $6500.
The entry to record the purchase of treasury stock will cause total stockholders' equity to decrease by the amount of the cost of the treasury shares
Indicate whether the statement is true or false
The case of VonHoldt v. Barba & Barba Construction, Inc held that:
a. the implied warranty of habitability does not include actions against a builder brought by a subsequent purchaser for latent defects in an addition to a home. b. the plaintiff's complaint should not have been dismissed by the lower court. c. when a builder makes a significant addition to a previously built home, an action for damages resulting from latent defects affecting habitability exists under the doctrine of implied warranty of habitability. d. All of these.
Weightless Workouts, Inc., offers to sell a home gym to Jessica and sends it to her on a trial basis. This is
A. a consignment. B. a delivery ex-ship. C. a sale on approval. D. a sale or return.