A founder preparing articles of incorporation asks which information must be included in the filing. Which answer is most accurate? This question tests required contents of articles of incorporation. Model Business Corpo...
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
...e the promoter. Which statement is most accurate? This question tests corporate adoption versus novation. Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
...roperly filed articles but forgot to file its required statement of information. A contracting party later argues that the corporation never existed. Which statement is most accurate? This question tests the difference b...
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
...ns. After a profitable first year, Marco signs a contract for a large corporate event. Lena says Marco had no partner status because the note disclaimed any partnership and because she contributed most of the equipment...
Citations: Revised Uniform Partnership Act secs. 202-204, 401
A corporation's articles state that it will operate bakeries. Its board signs a contract with a third party to buy a food-delivery software platform. After the software price drops, the corporation argues the contract...
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
...ration's existence begin? This question tests the basic rule for when corporate existence begins. Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
A founder ordered inventory on Monday under the name "Seaside Gear, Inc." but did not file articles until Friday. The seller delivered the inventory on Tuesday and never agreed to release the founder. Which statement...
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
...nt is most accurate? This question tests authorized shares as part of corporate formation. Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
...ssible internal claim by the dissenting shareholder. This essay tests corporate powers and modern ultra vires limits. Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
...ccurate? This question tests how to analyze an accepted filing with a formation defect. Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
Articles were filed for a corporation but did not name initial directors. Before any directors were elected, the incorporators adopted bylaws and called an organizational meeting. Which statement is most accurate? Thi...
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
Before filing articles, a founder signed a supply contract as "Founder, for Coast Foods, Inc., to be formed." After incorporation, Coast Foods accepted deliveries but later defaulted. The supplier never agreed to rele...
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
...would begin work immediately and would invoice Valley Robotics after formation. It did not expressly release Dev. Valley Robotics, Inc. was formed three weeks later. Its board approved using Beta Labs's work, accepted t...
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
...used the machine for six months and made two lease payments from its corporate bank account. When the business failed, the lessor sued both Rosa and the corporation for the remaining payments. Analyze when Sunset Cold B...
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
...ation's purpose was "to design bicycle safety sensors only," listed a corporate name and authorized shares, but accidentally omitted the initial street address of the corporation. The state filing office accepted and sta...
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
Two incorporators filed articles for Greenblock Construction, Inc. The articles did not name initial directors. Before any directors were elected, the incorporators adopted bylaws setting a three-person board, appoint...
Citations: Model Business Corporation Act secs. 2.01, 2.02, 2.03, 2.04, 3.04, 10.20
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