Unless Its Articles of Incorporation Provide Otherwise, a Corporation

question 132

Multiple Choice

Unless its articles of incorporation provide otherwise, a corporation:

• A) lasts for twenty years
• B) lasts for fifty years
• C) lasts perpetually
• D) lasts as long as state law allows; the life varies among the states
• E) lasts as long as the IRS permits

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Definitions:

Cashier's Check

A cashier's check is a check guaranteed by a bank, drawn on the bank's own funds and signed by a cashier.

Draft

A preliminary version of a piece of writing, document, or legislation that is subject to further revision and editing.

Drawer

The party that writes and signs a check, directing a bank to pay the check's amount to the person or entity named as the payee.

Drawee

The party on whom a check or draft is drawn, and who is expected to pay the amount specified.