Bill and Ted Decide to Set Up a Small Company

question 56

Multiple Choice

Bill and Ted decide to set up a small company to invest in real estate.Before incorporating they find a prime piece of real estate that is suitable for investment purposes.They want to buy the property through a limited company but have not as yet incorporated.They attend at a lawyer's office for purposes of filing articles of incorporation.The lawyer asks them what name they plan to use for the corporation.Bill immediately says "Bill and Ted's Excellent Investments Inc.".The lawyer advises them that she will need some time to have the name approved through the appropriate government office.Bill tells the lawyer there is no time to wait for the name approval.In these circumstances Bill and Ted can

• A)Tell the real estate agent to "hold off" for a couple of days until the name is approved.
• B)Use a "number name" where the registry simply assigns a number to the new corporation and worry about the name change later.
• C)Opt to form a partnership instead.
• D)File a "request to delay name of corporation form" at the time of filing the articles of incorporation.
• E)Hire a new lawyer.

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Definitions:

Benchmarking

The practice of comparing business processes and performance metrics to industry bests or best practices from other companies to identify areas for improvement.

Customer Perspective

An aspect of a business strategy that focuses on understanding and meeting the needs and expectations of customers.

Internal Business Process Perspective

A focus in performance management that evaluates the efficiency and effectiveness of company operations.

Client Satisfaction Rating

A measure used to quantify the degree to which a client is happy with the products or services provided by a business, often influencing loyalty and retention.