Identify each of the following corporations by type. a. Dr. Smith and Dr. Jones are medical doctors who practice together. They incorporate their medical practice so that they can offer themselves and their employees better employment benefits. b. A

Question

group of concerned citizens obtains a corporate charter from the state to form a local Water Planning and Management Corporation that is authorized to do water planning on a local level, to grant permits for such purposes as the installation of ditches, and to encourage good water usage practices in their jurisdictional area. c. Agatha and Betty, who are sisters, form a corporation in which they are the sole shareholders. They plan to operate a large retail store that sells collectibles. Agatha is the president and Betty is the chairperson of the board of directors. d. Shelby and Trent form a corporation to prevent spouse and child abuse. The corporation operates a shelter for battered women and homeless children. e. Zebron Corporation is incorporated in West Virginia. It decides to expand its business to Kentucky. What type of corporation is it in West Virginia? What type of corporation is it in Kentucky?

Answer 1

a. Smith and Jones own a professional corporation.
b. The Water Planning and Management Corporation is a public corporation.
c. Agatha and Betty have formed a for-profit, closely held corporation.
d. Shelby and Trent have formed a nonprofit corporation.
e. Zebron is a domestic corporation in West Virginia and a foreign corporation in Kentucky.