hareholders veil." can be personally liable for corporate debts if a court "pierces 34. A foreign corporation is a corporation formed under the laws of another does business in the United States Bylaws generally include the internal management An LLC is taxed at the corporate tax rate. country that 35. rules of the corporation. 36. 37. A person must be a majority shareholder of a corporation to serve as a director 38. Dave and Edie are shareholders of Fast Food, Inc. As shareholders, they must approve: a. amending the articles of incorporation. b. declaring a corporate dividend. c. hiring a chief executive officer. d. issuing additional shares Liquidation is the process of converting corporate assets into cash and distributing it to the corporation's creditors and shareholders. 39. 40. Shareholders' meetings must occur at least twice a year. 41. A board of directors generally makes major corporate policy decisions. 42. An incorporator must also be a director of the corporation to qualify to sign the 43. Examples of nonprofit corporation include all of the following except articles of incorporation. a. real estate investment companies. b. churches. c. charities. d. youth centers Close corporations typically sell shares of their stock for investment to the general public. 44