A Corporation Cannot Be Formed Without a Profit-Making Purpose

question 72

True/False

A corporation cannot be formed without a profit-making purpose.

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Definitions:

State

An institution that maintains a monopoly over the legitimate use of force in a given territory.

Political systems

Refers to the framework of formal legal institutions, processes, and norms through which a society organizes its governance and allocates authority to make and enforce policies.

Socialist systems

Economic and political systems where the means of production, distribution, and exchange are owned or regulated by the community as a whole.

Totalitarian systems

A political system where the state recognizes no limits to its authority and strives to regulate every aspect of public and private life wherever feasible.