A

Officers and directors owe which of the following duties to the corporation? Choose 2 answer choices.

Duty of Loyalty Duty of Care

The formation of a partnership without a partnership agreement requires which of the following? Select 2 answers.

Sharing of profits and losses Sharing of management duties

A written agreement outlining the roles of partners, their rights, and their duties are called:

a partnership agreement.

To meet the standard for the duty of care, a person must:

act in good faith and with the judgment of an ordinarily prudent person.

Roy owns an engine repair shop, Roy's Custom Repair. Roy's customer Floyd is in the shop one day and trips over a tool lying on the ground. Floyd hits his head on the concrete floor and sustains massive injuries. Floyd sues Roy's Custom Repair for his injuries. If Floyd's lawsuit is successful, Floyd can recover from:

both Roy's Custom Repair and Roy personally.

Real property consists of which of the following? Select 3 answers.

fixtures land buildings

Tala operates Sunshine Event Planning as a sole proprietorship. Lately, Tala has become dissatisfied with her employee, Leon. Leon continually refuses to follow directions, calls in late to work, and generally is not performing up to Tala's standards. Before Tala can fire Leon, she must obtain approval from:

no one.

Evelyn decides to open a business selling her one-of-a-kind cupcakes. Evelyn will be the sole owner of the business, although she will have a few employees. Evelyn plans to operate the business under the name "Cupcake Dreams." To legally operate her business, Evelyn will need to:

register her business name.

Johnson lives near Dollywood, a popular theme park in Tennessee. Johnson decides to begin a new money-making venture selling screen printed t-shirts from a booth just down the road from the theme park, to take advantage of the traffic that flows by on its way to the park. Johnson's t-shirts, however, will not be Dollywood-themed t-shirts; they will be Johnson's own creations. Johnson's daughter Susan helps him in his new venture by manning the booth from time to time, but Johnson has total control over everything about the business—from ordering the t-shirts, paying the bills, pricing the t-shirts, paying the taxes on his sales, and receiving all the profits from the venture. Even though Johnson put no thought into what kind of business venture he was creating when he started his business, Johnson has effectively created a:

sole proprietorship

Which of the following does NOT qualify an object as a fixture?

The object was in or on the property at the time of sale.

Myra owns a tanning salon called Bronze Beauties as a sole proprietorship. Myra has six employees who work at the salon. Myra contracts COVID-19 and, after battling the disease for six weeks, she dies, leaving behind a spouse and three children. Upon Myra's death, the Bronze Beauties tanning salon:

is automatically dissolved.