Question

Genna and four others are establishing a business to create monogrammed items of personal clothing to sell to the general public. Genna is concerned about entering into business with others and possibly being liable for their actions, so she convinces the others that they should incorporate. After doing some basic research on how to incorporate a business, Genna starts preparing the articles of incorporation. At a minimum, Genna must make sure that the articles of incorporation include:
A. the name of the corporation and the name and address of each incorporator.

B. the name of the corporation, the number of shares of stock the corporation is authorized to issue, the name and street address of the initial registered agent of the corporation and his or her registered office, and the name and address of each incorporator.

C. the name of the corporation, the name and street address of the initial registered agent of the corporation and his or her registered office, and the name and address of each incorporator.

D. the name of the corporation, the number of shares of stock the corporation is authorized to issue, and the name and address of each incorporator.

Kelly lives in Arkansas and works in the data division of Acxiom Corporation. Acxiom has its headquarters in Conway, Arkansas. Acxiom is incorporated in Delaware, however, because of the corporate-friendly laws in that state. Kelly works in a(n):

A. domestic corporation, because Acxiom’s headquarters is in the same state where Kelly works.

B. alien corporation because Acxiom is incorporated in a different state than the division where Kelly works.

C. foreign corporation because Acxiom is incorporated in a different state than the division where Kelly works.

D. close corporation because Kelly works in a division of Acxiom located close to where she lives.

Answer 1

At a minimum, Genna must make sure that the articles of incorporation include:

• C. the name of the corporation, the number of shares of stock the corporation is authorized to issue, the name and street address of the initial registered agent of the corporation and his or her registered office, and the name and address of each incorporator.

Kelly works in a(n):

• C. foreign corporation because Acxiom is incorporated in a different state than the division where Kelly works.

What is a Corporation?

This refers to a legal entity that is authorised to act as a single entity even though it might  have many owners for a particular purpose.

Therefore, we can note that Kelly works in a foreign corporation as it cannot be considered an alien corporation because it is in a different state.

Read more about corporations here:
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