Up to Six Generations of a Family Are Considered as One

question 38

True/False

Up to six generations of a family are considered as one shareholder for purposes of the 100-shareholder limit.

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Definitions:

Revenue Account

An account that tracks the income generated from normal business operations, such as sales of goods or services.

Credited

A bookkeeping record that augments liabilities or equity, or diminishes an asset or expense.

Assets

Assets are resources owned by a business or individual that have economic value and can be converted into cash or provide future benefits.