BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A written commitment to doing business in accordance with the law
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Commitments of all members on the organization, management and operation of the company
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Commitment form among the members of the enterprise in the proportion of profits
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Commitment form to customers
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Detailed explanation-1: -A chartered company is an association with investors or shareholders that is incorporated and granted rights (often exclusive rights) by royal charter (or similar instrument of government) for the purpose of trade, exploration, and/or colonization.
Detailed explanation-2: -Corporation. A corporation is a legal entity, operating under state law, whose scope of activity and name are restricted by its charter. Articles of incorporation must be filed with the state to establish a corporation.
Detailed explanation-3: -A corporate charter, also known as the Articles of Incorporation, is a legal document establishing the existence of a corporation. Once the charter is registered with the state in which the corporation will do business, the corporation is legally recognized.
Detailed explanation-4: -The charter is a contract between the state and the corporation. Under the Contracts Clause of Article I of the Constitution, no state can pass any law “impairing the obligation of contracts.” In 1816, the question arose whether a state could revoke or amend a corporate charter once granted.