Cumulative voting refers to the accumulation of proposals presented annually for a shareholders’ vote.

Any business—except a sole proprietorship—must comply with business registration and licensing requirements.

A sole proprietor does not own the entire business.

Wiley incorporates his business as Wiley’s Wire Inc. in Arizona. He and his group of shareholders intend to make a profit from their sales of fencing wire. Wiley’s is

A corporation whose shares are held by relatively few persons is a close corporation.

Most states apply to a limited liability company (LLC) formed in another state the law of the state where the LLC currently does business.​

Fact Pattern 3-1 Ann starts up Bowls Bistro to serve and sell soups and salads. Ann leases space in an office building owned by Carly. The lease requires a base rent of $1,250, plus 10 percent of Bowls Bistro’s profits, each month. The term is two years. Ann hires Demi to take and fill customers’ orders at an hourly wage of $15.00, plus tips. Refer to Fact Pattern 3-1. Ann and Carly are

Every shareholder is entitled to examine specified corporate records, but only in person, not through an agent.

The shares of Home Mortgage Corporation are publicly traded in securities markets. Home Mortgage Corporation is

The incorporation of the town of Halfway, Oregon, is approved by the state. Halfway is