Incorporators Can Appoint a Corporation's First Board of Directors

question 56

True/False

Incorporators can appoint a corporation's first board of directors.

---

Definitions:

Chapter 11

A provision under the U.S. Bankruptcy Code that allows businesses to reorganize and restructure their debts while continuing operations.

Plan of Reorganization

A detailed proposal for restructuring a company's finances and operations, typically during bankruptcy proceedings.

Conversion

An unauthorized act that deprives an owner of their property, altering its use or possession without consent.

Consumer Debts

Debts incurred for personal, as opposed to business, needs, typically including credit card debt, auto loans, and mortgages.