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- What is the difference between private Canadian corporation and public Canadian corporations?How is a One Person Corporation different from a Regular Domestic Corporation?C:8-29 Affiliated Group Definition. In each of the following cases, determine the corporations that comprise an affiliated group. All corporations are includible corporations and have one class of stock unless otherwise indicated. a. P Corporation owns all the stock of S and T Corporations. T owns all of U Corporation’s stock. T and U are Belgian corporations. b. Assume the same facts as in Part a except U is a domestic corporation. c. Omar, an individual, owns 100% of P Corporation’s stock and 30% of S Corporation’s stock. P owns 70% of S’s stock. d. G is a German corporation. G owns all of P Corporation’s stock. P owns all of S Corporation’s stock. e. P Corporation owns all of S Corporation’s stock. P and S each own 50% of T, a domes-tic limited liability company.
- How does corporate governance differ in multinational corporations (MNC)? How does it differ from a US corporation? How is it similarIs the resident agent required to be a stockholder in the foreign corporation?In the United States, there are three legal categories of firms: sole proprietorships, partnerships, and corporations. Which of the following is an advantage for corporations? O A. Corporations have control by an owner. B. Corporations have no layers of management. Oc. Corporations have no double taxation of income. D. Corporations have greater ability to raise funds. O E. Corporations have unlimited personal liability. Which of the following is a disadvantage for corporations? O A. Corporations have no stockholders. B. Corporations are costly to organize. c. Corporations have no ability to share risk. D. Corporations have unlimited personal liability. O E. Corporations have limited ability to raise funds. O O O O
- A corporation cannot start its operation if the Securities and Exchange Commission (SEC) does not issue the corporation’s certificate of incorporation. What principle is applied in this scenario a. None of the above b. Separate and distinct personality of the corporation c. Corporation is created by operation of law d. Corporation has a right of successionWhich of the following is true? Non-profit corporations are exempt from corporate income tax. Domestic corporations shall choose ether MCIT or RCIT. Whenever MCIT is payable, there is a Net Operating Loss Carry-Over. MCIT does not apply to foreign corporations.Identify the false statement: A. Dividends earned by a resident foreign corporation from a domestic corporation is inter-corporate dividend exempt from income tax. B. Dividends earned by a domestic corporation from a foreign source is inter-corporate dividend exempt from income tax, with certain conditions. C. Dividends earned by a domestic corporation from another domestic corporation is inter-corporate dividend exempt from income tax. D. A corporation may be formed by one person only. E. Every partnership shall be taxed in the same manner as a corporation. F. The share of a partner in the income of a professional partnership shall be subject to regular income tax. G. None of the above.
- A C corporation can be described as: (a) A business that is separate and distinct from its owners, allowing the owners to conduct business while limiting their personal liability. (b) A business association defined by federal statute. (c) A legal entity that has more than one shareholder. (d) A type of corporation where owners have limited liability, and income, expenses, and deductions flow through to the shareholders and are taxed only at the shareholder level.What is an owner of a corporation called? What is the difference between a closed corporation and an open corporation?1. The following are the attributes of a corporation, except * A. It is an artificial being. B. It is created as a product of the agreement of the incorporators. C.It can enjoy perpetual existence. D. It is functions within the limits granted to it by law. 2. The following corporations are governed by the Revised Corporation Code, except: * A. Stock corporation B. Close corporation C. Public corporation D. Government-owned and controlled corporations 3. In applying the doctrine of piercing the veil of corporate fiction, the following factors may be considered, except: * A. The identity of controlling stockholders in two corporations B. The identity of those who compose the governing body of the subject corporations C.The identity of the stockholders3 D. The internal control system referring to the manner of keeping corporate books and records
