BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The rules of action adopted by a corporation for its internal government
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Adopted before or after incorporation
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A condition precedent in the acquisition by a corporation of a juridical personality
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Approved by the stockholders if adopted after incorporation
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Detailed explanation-1: -The Articles of Incorporation states the name, purpose, place of office, incorporators, capital stock, and term of the Company upon its establishment. The By-Laws outline the rules on annual and special meetings, voting, quorum, notice of meeting and auditors and inspectors of election.
Detailed explanation-2: -The nationality of a corporation is determined by law and not by the corporation and/or its subsidiaries. It is the test or tests, as provided by law, that should prevail in determining the nationality of a corporation, and not its representations and/or those of its subsidiaries.
Detailed explanation-3: -The bylaws of a company are the internal rules that govern how a business is run. They’re set out in a formal written document adopted by a corporation’s board of directors and summarize important procedures related to decision-making and voting.
Detailed explanation-4: -Disregarding the corporate entity is also known as the “alter ego doctrine” or “piercing the corporate veil.” Generally, shareholders of a corporation are protected from being held personally liable for the corporation.