Exercise $10-1($Static$)$ Match terms with their definitions $($LO$10-1)$

Select the best term for each definition below.

Definitions

$$Shareholders can lose no more than the amount they invest in the company.

$$Corporate earnings are taxed twice at the corporate level and individual shareholder level.

$$Like an S corporation, but there are no limitations on the number of owners as in an S corporation

$$Traces the line of authority within the corporation.

$$Allows for legal treatment as a corporation, but tax treatment as a partnership.

$$Has stock traded on a stock exchange such as the New York Stock Exchange $($NYSE$).$

$$The first time a corporation issues stock to the public.

$$Describes $($a$)$ the nature of the firm's business activities, $($b$)$ the shares to be issued, and $($c$)$ the composition of the initial board of directors.