Under the Revised Act, the Filing of the Articles of Incorporation

question 29

True/False

Under the Revised Act, the filing of the articles of incorporation by the secretary of state is conclusive proof that the incorporators have satisfied all conditions precedent to incorporation so that a shareholder or creditor would be unable to challenge the existence of the corporation.

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Definitions:

Resources Used

The total inputs, including raw materials, labor, and capital, that are consumed in the production of goods and services.

Capital

Assets such as machinery, buildings, or technology used in the production of goods and services.

Labor

The human effort, both physical and mental, used in the production of goods and services.

Natural Resources

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.