Question 1

Sharing of profits is prima facie evidence that a partnership exists.

Accepted Answer

A) True 
 B)False

Question 2

A tenancy in partnership does not carry rights of survivorship.

Accepted Answer

A) True 
 B)False

Question 3

List the provisions of the Sarbanes-Oxley Act that affect corporation governance.

Accepted Answer

The act has provisions on the structure

Question 4

All owners in an LLP have limited liability.

Accepted Answer

A) True 
 B)False

Question 5

A limited liability company can be created informally.

Accepted Answer

A) True 
 B)False

Question 6

The articles of incorporation must include the capital stock structure of the corporation.

Accepted Answer

A) True 
 B)False

Question 7

A C corporation is the same as an S corporation for tax purposes.

Accepted Answer

A) True 
 B)False

Question 8

Appraisal rights are given only to dissenting shareholders.

Accepted Answer

A) True 
 B)False

Question 9

A shareholder proxy is:

Accepted Answer

A) good until revoked. 
B) not subject to any securities laws. 
C) a transfer of a right to vote. 
D) None of the above 
A) good until revoked. 
B) not subject to any securities laws. 
C) a transfer of a right to vote. 
D) None of the above

Question 10

Which of the following forms of business structure provides limited liability for the personal assets of the owners?

Accepted Answer

A) Sole proprietorship 
B) General partnership 
C) LLC 
D) Partnership by implication 
E) All of the above provide limited liability. 
A) Sole proprietorship 
B) General partnership 
C) LLC 
D) Partnership by implication 
E) All of the above provide limited liability.

Question 11

Most states allow LLCs to exist for about 30 to 40 years.

Accepted Answer

A) True 
 B)False

Question 12

Dissolution of a partnership is termination of a partnership.

Accepted Answer

A) True 
 B)False

Question 13

Any shareholder can demand access to the corporate books and records.

Accepted Answer

A) True 
 B)False

Question 14

A Subchapter S or S Corporation is:

Accepted Answer

A) a special class of close corporation under the MBCA. 
B) an IRS tax treatment option for corporations owned by a limited number of shareholders. 
C) a not-for-profit corporation. 
D) None of the above 
A) a special class of close corporation under the MBCA. 
B) an IRS tax treatment option for corporations owned by a limited number of shareholders. 
C) a not-for-profit corporation. 
D) None of the above

Question 15

In a limited partnership, there must be a least one general partner.

Accepted Answer

A) True 
 B)False

Question 16

Limited partners have liability limited to the amount of their contribution to the partnership.

Accepted Answer

A) True 
 B)False

Question 17

Pooling agreements are:

Accepted Answer

A) illegal as against public policy. 
B) the same as voting trusts. 
C) valid if filed with the corporation's secretary. 
D) None of the above 
A) illegal as against public policy. 
B) the same as voting trusts. 
C) valid if filed with the corporation's secretary. 
D) None of the above

Question 18

ABC partnership owns and operates a potato farm in Idaho. A, B, and C are the partners/owners. C is having significant personal financial problems. Savoy Stores has obtained a judgment against C in the amount of $l2,341. Savoy knows that ABC is about to harvest its potatoes. When the ABC potatoes are being transported for processing, Savoy takes one-third of the potatoes to satisfy the debt. A and B object. C claims he is using the partnership property to satisfy a debt. Can C do this?

Accepted Answer

No. Creditors can attach the p

Question 19

A limited liability partnership (LLP):

Accepted Answer

A) is a statutory creature. 
B) is the same as a limited partnership. 
C) is the same as a LLC. 
D) All of the above 
A) is a statutory creature. 
B) is the same as a limited partnership. 
C) is the same as a LLC. 
D) All of the above

Question 20

A partner's interest in a partnership is not transferable.

Accepted Answer

A) True 
 B)False

Sharing of profits is prima facie evidence that a partnership exists.

A tenancy in partnership does not carry rights of survivorship.

List the provisions of the Sarbanes-Oxley Act that affect corporation governance.

All owners in an LLP have limited liability.

A limited liability company can be created informally.

The articles of incorporation must include the capital stock structure of the corporation.

A C corporation is the same as an S corporation for tax purposes.

Appraisal rights are given only to dissenting shareholders.

A shareholder proxy is:

Which of the following forms of business structure provides limited liability for the personal assets of the owners?

Most states allow LLCs to exist for about 30 to 40 years.

Dissolution of a partnership is termination of a partnership.

Any shareholder can demand access to the corporate books and records.

A Subchapter S or S Corporation is:

In a limited partnership, there must be a least one general partner.

Limited partners have liability limited to the amount of their contribution to the partnership.

Pooling agreements are:

A limited liability partnership (LLP):

A partner's interest in a partnership is not transferable.

Introduction to Law

Business Ethics and Social Responsibility

The Court System and Dispute Resolution

Business and the Constitution

Administrative Law

International Law

Business Crime

Business Torts

Environmental Regulation and Sustainability

Contracts and Sales: Introduction and Formation

Contracts and Sales: Performance, Remedies, and Rights

Business Marketing and Products: Ads and Product Safety

Business Competition: Antitrust Law

Business and Intellectual Property Law

Agency Law

Governance and Regulation: Securities Law

Business and Employees: Employment Regulation

Business and Employees: Employment Discrimination

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Exam 16: Governance and Structure: the Law of Business Associations

Sharing of profits is prima facie evidence that a partnership exists.

A tenancy in partnership does not carry rights of survivorship.

List the provisions of the Sarbanes-Oxley Act that affect corporation governance.

All owners in an LLP have limited liability.

A limited liability company can be created informally.

The articles of incorporation must include the capital stock structure of the corporation.

A C corporation is the same as an S corporation for tax purposes.

Appraisal rights are given only to dissenting shareholders.

A shareholder proxy is:

Which of the following forms of business structure provides limited liability for the personal assets of the owners?

Most states allow LLCs to exist for about 30 to 40 years.

Dissolution of a partnership is termination of a partnership.

Any shareholder can demand access to the corporate books and records.

A Subchapter S or S Corporation is:

In a limited partnership, there must be a least one general partner.

Limited partners have liability limited to the amount of their contribution to the partnership.

Pooling agreements are:

A limited liability partnership (LLP):

A partner's interest in a partnership is not transferable.

Introduction to Law

Business Ethics and Social Responsibility

The Court System and Dispute Resolution

Business and the Constitution

Administrative Law

International Law

Business Crime

Business Torts

Environmental Regulation and Sustainability

Contracts and Sales: Introduction and Formation

Contracts and Sales: Performance, Remedies, and Rights

Business Marketing and Products: Ads and Product Safety

Business Competition: Antitrust Law

Business and Intellectual Property Law

Agency Law

Governance and Regulation: Securities Law

Business and Employees: Employment Regulation

Business and Employees: Employment Discrimination

Filters