Assignment:
1. Ruby Red Corporation is incorporated in South Carolina. In that state, Ruby Red is
- a domestic corporation.
- a foreign corporation.
- an alien corporation.
- a non-entity.
2. Myron and Norah would like to form originals, Inc., to do business in the art market. Generally, the articles of incorporation for a corporation do not include
- the corporate name
- the nature and purpose of the corporation.
- the capital structure of the corporation.
- the minutes of the first organizational meeting.
3. Rafi, a director of Super Service Station Corporation, does not attend a board meeting for three years. During that time, Twyla, Super's president, makes improper loans that cost the company $100,000. Rafi is most likely
- liable for negligence or mismanagement.
- liable for violation of the business judgment rule.
- not liable because missing meetings is an honest mistake.
- not liable because missing meetings is only poor judgment.
4. Jen files a suit against Kopper Kettle Company. While the suit is pending, Kopper Kettle merges with Luminous Pans, Inc., with Luminous absorbing Kopper Kettle. Now, liability in the suit, if any, rests with
- Jen.
- Kopper Kettle.
- Luminous.
- no one.