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Question 1
Probably the most important function of the first organizational meeting of a corporation is
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Correct Adopting the corporation bylaws and electing the initial board of directors are the two most critical tasks completed at the new corporation's first organizational meeting. Remember, that prior to the first meeting, the company has already submitted its articles of incorporation to the state, including stating the nature and purpose of the corporation. In addition, the organizational meeting of a corporation occurs after the firm has already been granted a charter; a task that is completed by the state.
Incorrect! Adopting the corporation bylaws and electing the initial board of directors are the two most critical tasks completed at the new corporation's first organizational meeting. Remember, that prior to the first meeting, the company has already submitted its articles of incorporation to the state, including stating the nature and purpose of the corporation. In addition, the organizational meeting of a corporation occurs after the firm has already been granted a charter; a task that is completed by the state.
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Question 2
If a corporation has substantially complied with all the conditions precedent to incorporation, the corporation is said to have
Correct A corporation that has attempted to comply with the incorporation laws of a state, but has failed, with the result being some minor defect, is known as a de facto corporation. Once the company has properly incorporated, then it is known as a de jure corporation.
Incorrect! A corporation that has attempted to comply with the incorporation laws of a state, but has failed, with the result being some minor defect, is known as a de facto corporation. Once the company has properly incorporated, then it is known as a de jure corporation.
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Question 3
When an individual tricks another into believing that a corporation exists, a court may recognize a
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Correct A corporation by estoppel is also cometimes known as a de facto corporation. When a person is either tricked into believing that a corporation exists because of some misrepresentations by individuals said to be representing the false corporation, the courts may recognize the company as a corporation by estoppel and hold the 'corporation' and the individual personally responsible for the misrepresentation. If the company failed to exist, but that failure was only due to the fact that some minor element of the state's incorporation law was not completed, then the court's would recognize the firm as a de jure corporation and hold the corporation, not the person's involved, as liable. The case law finding corporations be estoppel has largely disappeared in recent years given modern jurisprudential trends.
Incorrect! A corporation by estoppel is also cometimes known as a de facto corporation. When a person is either tricked into believing that a corporation exists because of some misrepresentations by individuals said to be representing the false corporation, the courts may recognize the company as a corporation by estoppel and hold the 'corporation' and the individual personally responsible for the misrepresentation. If the company failed to exist, but that failure was only due to the fact that some minor element of the state's incorporation law was not completed, then the court's would recognize the firm as a de jure corporation and hold the corporation, not the person's involved, as liable. The case law finding corporations be estoppel has largely disappeared in recent years given modern jurisprudential trends.
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