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LIT1 - WGU - Corp

Corporations

QuestionAnswer
Why is a corporation formed? To transact business for profit
Who mainly owns a corporation? The shareholders of the corporation
Which amendment is a corporation mainly protected? The fifth amendment
If a corporation wants to do business in multiple states who must it comply with? The states in which it does business and the federal law.
What is the main type of corporation? General business corporation
What is the S-type of corporation? small, privately owned corporation, limited to 35 shareholders who are taxed like partners
What is a C-Type corporation? small, has under 30 shareholders, shares are not publicly traded.
Created by: mfagre
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