business law final
a certificate of incorporation is more commonly called a corporate license true or false
false
a corporation with perpetual life according to its articles of incorporation could still be dissolved by a vote of an appropriate majority true or false
false
a partner may engage in other businesses without consent of the other partners even if the businesses compete with the partnership true or false
false
directors have the ultimate control of corporation affairs true or false
false
if a stock carries a par value it can never be sold or traded less than that value true or false
false
llcs are still subject to double taxation true or false
false
shareholders will always e paid dividends as long as the corporation makes a profit true or false
false
the members of an llc can defund the ownership percentages as they see fir regardless of capital contributions true or false
false
the superfund obtains its funding through tax on petroleum and chemical product producers true or false
false
under the upa a partnership can take the title to property in its own name true or false
false
when courts take the action of holding shareholders personally liable for the debts of the corporation it is referred to as piercing the corporate veil true or false
false
the ? sign the articles of incorporation
incorporator
which of the following is active in management of a partnership but unknown to the public
limited partner
which form of business organization does not terminate upon the death of its owners
partnership
which form of business organization requires a charter from the state
partnership
partnership property is held by the partners in a ? partnership
partnership agreement
a legal device that allows the current stockholders of a corporation to maintain their percentage of ownership when new stock offerings occur is called
preemptive right
? is an agreement of all the partners is required to make a fundamental change in the nature of the partnership
sample partnership
which of the following is known to the public but does not participate in management
silent partner
which form of business is the easiest to set up
sole partnership
which form of business organization has free transferability of ownership interests
sole proprietorship
a coorperation has the power to buy back stock from its owners true or false
true
a corporation has only one responsibility and that is to its stockholders true or false
true
a corporation that furnishes a utility such as water sewer etc. is known as a public service corporation true or false
true
a partner unless restricted by the partnership agreement can use partnership funds to buy property for partnership use true or false
true
a partner who invests more time or money in the partnership has a right to a larger percentage of the profits true or false
true
all of the corporations shareholders must assent before the subchapter s status can be assumed true or false
true
another corporation can be a shareholder in a subchapter s corporation true or false
true
for professional partnerships the main advantage of llp over llc is the ease of transferring the llp form true or false
true
if a cumulative preferred stock dividend is not paid in a particular period it remains due and payable in full before the common shareholders receive any dividends in that or any future period true or false
true
if a partner becomes insane the partnership is dissolved true or false
true
in the event of problems individual stockholders in a corporation generally stand to lose only what they have invested in the corporation true or false
true
restrictions that effectively prohibit the free transfer of llc ownership interests can be placed in the operating agreement true or false
true
sole proprietorships and partnerships like corporations are subject to double taxation by the federal government true or false
true
the firs energy crisis occurred in 1973 as a result of opecs oil embargo true or false
true
the national environmental policy at established the council of environmental quality true or false
true
the title of Rachel cartons book silent spring is referred to the need to eliminate noise pollution true or false
true
unless restricted in the partnership agreement every general partner has an equal right to participate in management of the firm true or false
true
unlike officers the directors do not have a fiduciary duty to the corporation true or false
true
when two corporations merge they both disappear and a new one is formed true or false
true
can a partnership agreement be structured so as to continue the partnership business even if the partnership is dissolved yes or no
yes
can a partnership continue on perpetually yes or no
yes
if you form a partnership to prepare income taxes for businesses over the next five years does the agreement have to be in writing yes or no
yes
a debenture is a
a type of bond
which of the following is not a duty of a partner
all of the above
which of the following may result in a corporation dissolution
all of the above
the members of an llc can defeund the ? shares o the profits for the members
asserts
what is the maximum number of stockholders in a subchapter s corporation
100
the environmental protection agency was formed in
1965
which form of business organization does not involve unlimited personal liability for its owners
cooperation
which form of business has the greatest potential for attracting professional managers
corporation
which form of business has the greatest potential to bring together large sums of money
corporation
which form of business is most likely to attract large sums of capital
corporation
which form of business organization is looked upon as being an artificial person separate from its owners
corporation
