For the decrease of a capital stock, what vote is required? * [ O Only the board of directors may vote. The majority vote of the board wins. O Majority vote of the outstanding capital stock Majority vote of the outstanding capital stock and majority vote of the board of director () Approved by the majority vote of the board of director ratified by 2/3 of the outstanding capital stockStatement 1: All corporations must have an independent director. Statement 2: All directors must own at least one share of stock in the corporation. Which of these statements is correct? * O None of the above O Only Statement 2 O Statement 1 and Statement 2 Only Statement 1In a partnership, one is assigned as the general partner and the others are limited partners. XYZ Partnership filed for its dissolution because it can no longer pay its debts to third persons. All the assets of the XYZ Partnership have been sold and all the profits generated have been paid to their liabilities. Unfortunately, it is not enough. What is the remedy of those third persons whose obligations have not yet been settled? * O) Compel the general partner to pay all the remaining liabilities of the XYZ Partnership O Merge all the partners to create another partnership so that the profits generated in the new partnership will be used to pay the liabilities of the XYZ Partnership O Foreclose all the mortgaged properties of the partnership so that these properties will be transferred in the name of the creditors. () Go to court and file for a specific performance case to compel all the partners to pay their liabilities.What type of business organization is defined as an artificial being created by operation of law, having the right of succession, and the powers, attributes, and properties expressly authorized by law or incidental to its existence? * O Joint venture O Corporation O Cooperative PartnershipM was elected as the President of the Corporation. M is also nominated as the treasurer of the corporation. M also won as the treasurer. Is this correct? * O Yes. As long as M won through a vote of the majority. O) No. M can be a president but not as a treasurer, simultaneously. Yes. As long as M is capable to perform all the functions of a president and a treasurer No. M cannot hold both positions