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Match the Following Terms with Their Definitions

Question 142

Matching

Match the following terms with their definitions. Each letter is used only once.

Premises:
Limited liability company.
Publicly held corporation.
Double taxation.
Limited liability.
Articles of Incorporation.
Model Business Corporation Act.
S Corporation.
Responses:
Describe (a) the nature of the firm's business activities, (b) the shares to be issued, and (c) the composition of the initial board of directors
Has stock traded on a stock exchange such as the New York Stock Exchange (NYSE)
Corporate earnings are taxed twice - at the corporate level and individual stockholder level
Designed to serve as a guide to states in the development of their corporate statutes
Allows for legal treatment as a corporation, but tax treatment as a partnership
Like an S corporation, but there are no limitations on the number of owners as in an S corporation.
Stockholders can lose no more than the amount they invest in the company

Correct Answer:

Limited liability company.
Publicly held corporation.
Double taxation.
Limited liability.
Articles of Incorporation.
Model Business Corporation Act.
S Corporation.
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