In the West Digest System Each Legal Topic Is Divided

question 16

True/False

In the West Digest system each legal topic is divided into subtopics, and each subtopic is assigned a key number.

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Definitions:

Corporations

Legal entities that are separate from their owners, with the ability to own property, incur liabilities, and sell stock.

Corporation

A business firm that is a legal person. Its chief advantage is that each owner’s liability is limited to the amount of money he or she invested in the company.

Stockholders

Individuals or entities that own shares in a corporation, possessing ownership interests and rights to dividends.

Owned

The state of having legal rights to possess, use, and control a property or asset.