Which document serves to outline the responsibilities and powers of a corporation?

The correct choice is the Charter, which is foundational for any corporation. The Charter, also known as the Articles of Incorporation, is a legal document that establishes a corporation's existence in the eyes of the law. It outlines the corporation's name, purpose, and the powers granted to it as well as its governing structure, including information about the stock it can issue and the responsibilities of the board of directors.

The Charter serves as the primary document that defines how the corporation will operate, including the roles and responsibilities of its directors, officers, and shareholders. It is filed with the appropriate state authority and serves to protect the corporation's assets while delineating the scope of its activities. This legal framework is essential for providing clarity and guidance on how the corporation will be managed and how decisions will be made.

Other documents, such as an Operating Agreement or a Partnership Agreement, serve different types of entities or situations. An Operating Agreement is typically used for limited liability companies (LLCs) and outlines the management structure and operating procedures of the LLC. A Partnership Agreement governs how partnerships operate and the responsibilities of the partners involved. A License Application is unrelated to the internal structure of a corporation; instead, it is a request to obtain permission to engage in specific regulated activities