Question

Mark and James started a partnership four years ago. Their business is profitable, but they are concerned about product liability and now want to incorporate their business. Which of the following would be the final step to incorporate their business? a. Submit a corporate charter to the secretary of state b. Evaluate if they should be a domestic or foreign corporation c. Hold an organizational meetingd. Determine the rights of stockholders

Answer 1

a. Submit a corporate charter to the secretary of state

Step-by-step explanation:

• As a partnership has various roles and liabilities the best and the optimal solution to save the assets of the company is by making or incorporating it as a legal and subject to the states.

• Thus the state government fillings based on a fees paid to the secretary of the states so its formally recognized by the state and becomes a legal business entity.