The Revised Act Was Amended in 2002 to Provide

question 80

Multiple Choice

The Revised Act was amended in 2002 to provide:

• A)conversion procedures permitting a corporation to change its state of incorporation, thus allowing a foreign business to become a domestic business.
• B)domestication procedures permitting a foreign partnership or LLC to become a domestic business corporation.
• C)domestication procedures permitting a domestic business corporation to become a foreign business corporation.
• D)merger procedures to convert partnerships or LLCs into business corporations.

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Definitions:

U.S. GDP

The total monetary or market value of all the finished goods and services produced within the United States' borders in a specific time period.

Newly Manufactured

Items or products that have been recently produced, as opposed to being second-hand or reused.

Personal Income

The total income received by individuals from all sources including wages, salaries, dividends, and any other income before taxes.

Disposable Personal Income

The sum of money remaining for savings and expenditures in households once income taxes are deducted.