ACP Corporate Practice Questions - NALA Advanced Certified Paralegal - Business Organizations (Incorporated Entities) Exam

Which of the following would disqualify a corporation from electing or maintaining S corporation status?

Having 75 shareholders who are all U.S. citizens Having a single individual U.S.-resident shareholder Issuing voting and non-voting shares of the same class of common stock Issuing a second class of stock that has different liquidation and distribution rights

Correct Answer:

Issuing a second class of stock that has different liquidation and distribution rights

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