Which of the following are responsible for the day-to-day operation of a corporation?OfficersShareholdersDirectorsIncorporators
Question
Which of the following are responsible for the day-to-day operation of a corporation?OfficersShareholdersDirectorsIncorporators
Solution
Officers are responsible for the day-to-day operation of a corporation. They are the top executives who are hired to manage the corporation's daily operations and implement its policies. This may include people like the CEO, president, treasurer, and other high-ranking executives.
Shareholders are the owners of the corporation. They invest their money in the corporation in return for shares of stock. They do not participate in the day-to-day operations of the corporation, but they do have the power to elect the board of directors.
Directors are elected by the shareholders to oversee the corporation's activities. They make high-level decisions about the corporation, including hiring officers. They do not manage the day-to-day operations of the corporation, but they do set its overall direction.
Incorporators are the individuals who set up the corporation in the first place. They file the necessary paperwork with the state and may set up the initial board of directors. Once the corporation is established, the incorporators typically have no role in its day-to-day operations.
Similar Questions
In a stock corporation, officers are Group of answer choiceselected by incorporatorselected by shareholdersappointed by managementappointed by the board of directors
The board of directors of a corporation:Multiple ChoiceIs elected by the corporate registrar.Are responsible for day-to-day operations of the business.Does not have the power to bind the corporation to contracts, due to lack of mutual agency.May not also be executive officers of the corporation, due to the separate entity principle.Is responsible for overseeing corporate activities.
A corporation’s officers are appointed by the:Multiple Choiceboard of directorscompany presidentprimary stockholderstate in which the corporation operates
duties of company directors to the company
When organizing a corporation, the incorporators submit articles of incorporation to Group of answer choicesthe board of Investmentsa judgethe Securities and Exchange Commissionthe National Bureau of Investigation
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