Mike Is Planning on Incorporating His Business in the State

question 11

Multiple Choice

Mike is planning on incorporating his business in the state of Delaware.Which of the following regarding the name of Mike's business is TRUE?

• A)He will be able to use the words "Association" or "Institute" in his company name.
• B)He will not be able to use abbreviations (such as Inc.or Corp. )in his company name.
• C)His company name will not have to include one of the following words: Corporation,Incorporated,Company or Limited.
• D)His company name can be the same as another corporation that already exists in Delaware.

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Definitions:

Exchange Differences

Variance arising from translating foreign currency transactions or foreign operations into the reporting currency.

Presentation Currency

The form of money used to express the financial records of a company.

Net Profit

The amount of income that remains after subtracting all expenses, taxes, and costs from total revenue.

Monetary Items

Assets and liabilities that are to be received or paid in a fixed or determinable amount of money.