________ Are Formal Legal Entities with Internal Rules and Procedures

question 81

Short Answer

________ are formal legal entities with internal rules and procedures that must abide by laws.

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Definitions:

Ultra Vires Act

Actions conducted by a corporation's management or board that are beyond the scope of its powers as defined by its charter or the law.

Express and Implied Powers

Authorities of a governmental or organizational body that are explicitly stated (express) or inferred through conduct (implied).

Ultra Vires

Acts or decisions made by an entity that are beyond the scope of powers granted by its constitution or laws.

Articles of Incorporation

Legal document filed with a governmental entity to legally establish a corporation.