multiple choice

27) Under the corporate form of business organization, A) stockholders wishing to sell their corporation shares must get the approval of other stockholders. B) the corporation's life is stipulated in its charter. C) a stockholder is personally liable for the debts of the corporation. D) stockholders' acts can bind the corporation even though the stockholders have not been appointed as agents of the corporation. 28) Stockholders of a corporation directly elect A) the president of the corporation. B) the treasurer of the corporation. C) the board of directors. D) all of the employees of the corporation. 29) The two ways that a corporation can be classified by ownership are A) publicly held and privately held. B) inside and outside. C) majority and minority. D) stock and non-stock. 30) If no-par stock is issued without a stated value, then A) the par value is automatically $1 per share. B) there is no legal capital. C) the entire proceeds are considered to be legal capital. D) the corporation is automatically in violation of its state charter