Track Lights Inc. is a corporation. Its express powers can be found in
Group of answer choices
the federal corporation code.
its annual tax return.
the law of the state of incorporation.
its relationship with other corporations.
Answer
the law of the state of incorporation.
Explanation
A corporation has the capacity to engage in any activity that a person could engage in, both legal and illegal. The express powers of a corporation are found in the law of state of incorporation, and federal constitutions. The sources of express power in their priority order include: The United States constitution which takes priority over other sources, the state constitution which takes the next priority, state statutes, the articles of incorporation which contains all the information about the organization and functions, the corporate by-laws, and lastly, the resolutions made by the corporation's board of directors.
Question:
Dissolution of a corporation can be initiated by
Group of answer choices
corporate ethics groups.
competitors.
customers, suppliers, and other corporate stakeholders.
a court order.
Answer
a court order.
Explanation
A corporation can be forced to wind up by a court order whereby the company is required to appoint a liquidator who manages the sale of assets and eventual credit settlement with the revenue gained from the sale. If the corporation's creditors sue the corporation for lack of payment for their bills, the final stage of the bankruptcy proceeding is usually a winding up order.
