Which combination of roles cannot be held by the same person in a corporation?

Prepare for your Partnership and Corporation Exam with engaging flashcards and multiple-choice questions. Each question comes with hints and detailed explanations. Boost your confidence and ace the exam!

In a corporation, certain roles are designed to maintain checks and balances within the management structure and ensure proper governance. The roles of President and Secretary typically involve different responsibilities where the President leads the corporation's operations and strategy, while the Secretary manages the corporation's records and official documents.

Allowing one individual to hold both roles could lead to a conflict of interest and reduce accountability. For instance, if the President makes decisions that require documentation or approval, the Secretary is responsible for ensuring that those records are accurately maintained. Concentrating both roles in one person could undermine the integrity of that oversight.

In contrast, other combinations such as President and Chairman of the Board, or Secretary and Treasurer may sometimes be allowed depending on the corporation’s bylaws and governance practices. The key factor is that the roles of President and Secretary are designed to provide separate functions that require independent oversight, thereby promoting better governance and reducing the potential for abuse or mismanagement.

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