Asked by Jobin Mathew on Jul 21, 2024
Verified
A corporation is a domestic corporation in the state in which it is incorporated.
Domestic Corporation
A corporation that is registered and operates in the same country in which it was incorporated, adhering to the legal and regulatory standards of that country.
Incorporated
Refers to the process of legally declaring a business as a separate legal entity, distinct from its owners, with rights to own property and sue or be sued.
- Understand the implications of a corporation's citizenship and legal status.
Verified Answer
JP
Jacob PayneJul 26, 2024
Final Answer :
True
Explanation :
A corporation is considered a domestic corporation in the state where it is incorporated, meaning it is registered and recognized legally as a corporation under the laws of that specific state.
Learning Objectives
- Understand the implications of a corporation's citizenship and legal status.