​Ruby Red Corporation Is Incorporated in South Carolina

question 54

Multiple Choice

​Ruby Red Corporation is incorporated in South Carolina. In that state, Ruby Red is

• A) ​a domestic corporation.
• B) ​a foreign corporation.
• C) ​an alien corporation.
• D) ​a non-entity.

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Definitions:

Negligently Audits

Involves performing an audit with a lack of proper care or attention, potentially leading to inaccurate or incomplete results.

Personal Assets

Individual-owned resources of economic value such as cash, real estate, investments, and personal property.

Vicariously Liable

Legal responsibility assigned to one party for the actions of another, based on a special relationship between the two.

Jointly And Severally Liable

A legal term describing a situation where two or more parties are liable together and individually for the full amount of an obligation.