savings account d. the value of the shares is based on the amount of money Drew owes his creditors. 30. Ali and Alecia are promoters of a new u-pick farm named AA-Apples. Before incorporating, Ali and Alecia draft a document that explains the rights of shareholders, the structure of the business, and how many shares form a quorum. This document is named a. articles of incorporation. b. bylaws c. articles of organization. d. a partnership agreement. 31. Wild &Scenic; River Tours, Inc., is a corporation. Wild & Scenic has the implie power to a. sell the majority of assets. b. replace the board of directors. c. change the bylaws. d. perform all acts reasonably appropriate and necessary to accomplishi corporate purposes Solution 30. The article of incorporation is the foundation document for any organization. It contains the essential details on the incorporation of any organization. It contains details on how and why the organization has come into existence, what are the terms and conditions relating to incorporation, who are the people involved in the incorporation. It also explains the very detailed view of who all the shareholders, their rights, nature, and structure of the business and also what are the requirements on the quorum required for any decision making. 31. Any corporation which has been formed and registered as a corporation has all the power to perform all acts which are reasonable, appropriate and necessary to achieve/accomplish what has been laid down in the mission statement/vision of the corporation. Thus Option D is the correct answer..

1. savings account d. the value of the shares is based on the amount of money Drew owes his
creditors. 30. Ali and Alecia are promoters of a new u-pick farm named AA-Apples. Before
incorporating, Ali and Alecia draft a document that explains the rights of shareholders, the
structure of the business, and how many shares form a quorum. This document is named a.
articles of incorporation. b. bylaws c. articles of organization. d. a partnership agreement. 31.
Wild &Scenic; River Tours, Inc., is a corporation. Wild & Scenic has the implie power to a. sell
the majority of assets. b. replace the board of directors. c. change the bylaws. d. perform all acts
reasonably appropriate and necessary to accomplishi corporate purposes
Solution
30. The article of incorporation is the foundation document for any organization. It contains the
essential details on the incorporation of any organization. It contains details on how and why the
organization has come into existence, what are the terms and conditions relating to incorporation,
who are the people involved in the incorporation.
It also explains the very detailed view of who all the shareholders, their rights, nature, and
structure of the business and also what are the requirements on the quorum required for any
decision making.
31. Any corporation which has been formed and registered as a corporation has all the power to
perform all acts which are reasonable, appropriate and necessary to achieve/accomplish what has
been laid down in the mission statement/vision of the corporation.
Thus Option D is the correct answer.