BLAW Ch. 12
The articles of incorporation usually include all of the following except A. name of the CEO B. address of the corporation C. purpose of the business D. classes of stock to be issued E. all of the other choices are included
A
Directors are under a ________ to conduct themselves on behalf of the corporation as a reasonably prudent person in the conduct of personal business affairs A. duty of reasonability B. duty of care C. duty of management D. duty of morality E. duty of profit
B
In a sole proprietorship, profits are taxed to the A. corporate owner of the proprietorship B. individual owner of the proprietorship C. general partners D. state E. none
B
A _______ requires that each partner act in good faith for the benefit of he partnership A. partnership relationship B. contractual relationship C. fiduciary relatioship D. contractual promise E.none
C
After reviewing a corporations application, the state issues a A. certificate of business B. certificate of taxes C. certificate of incorporation D. certificate of institution E. certificate of corporation
C
In a limited partnership the _______ are investors who may not participate in managing the business A. restricted partners B. general partners C. limited partners D. nonvoting partners E. real partners
C
The corporation separates A. ownership from responsibility B. ownership from profit C. ownership from control D. control from losses E. control from profits
C
The document that sets forth the rights and obligations of the franchisor and franchisee is known as the A. franchise contract B. franchise list C. franchise agreement D. franchise document E. agreement of franchise
C
The modern corporation was developed A. in England in the Middle Ages B. in Italy during the Renaissance C. in the United States during the eighteenth century D. in Germany during the nineteeth century E. in New York during the early twentieth century
C
The most common form of business organizations is A. joint venture B. partnerships C. proprietorship D. corporation E. none
C
States regulation of the sale of franchises A. is prohibited because of federal regulation B. is so weak as to be irrelevant C. duplicates federal regulation, allowing enforcement at the state level D. goes beyond federal requirements in California and some other states E. replaces federal requirements in the states that it exists
D
They key elements of a franchise agreement include A. the use of franchise manual B. the schedule of meal times for employees C. the fee and royalty payments D. the use of franchise manual and the fee and royalty payments E. the use of franchise manual and the fee and royalty payments and the schedule of meal times for employees
D
Which of the following have unlimted liability for debts of their business A. limited partners B. general partners C. sole proprietors D. general partners and sole proprietors E. general partners, limited partners, and sole proprietors
D
Which of the following is a category of franchise A. product distributorship B. trademark or trade-name licensing C. business format franchising D. all of the other specific choices are correct E. both a and b, but not c, are correct
D
Involuntary dissolution of a corporation is usually caused by A. bankruptcy B. an act of Congress C. fraud in the establishment of the the corporation D. bankruptcy or fraud in the establishment of the corporation E. bankruptcy or fraud in the establishment of the corporation or an act of Congress
DC
Today a corporation must be created according to A. state law B. common law C. the Uniform Incorporation Act D. the UPA E. federal statutory provisions
A
Under traditional common law rules, if you wanted to sue a partnership you had to A. sue each partner individually B. sue the partnership as a group C. sue the state on behalf of the partnership D. have the state sue the partnership E. wait until the partnership was incorporated to sue
A
______________ are those with stock traded on a stock exchange and, therfore, are likely to have many shareholders A. Public held corporations B. Privately held corporations C. close corporations D. Real corporations E. Traded corporations
A
Compared to the US, new businesses in Japan A. are created more frequently than they are in the US B. are created much less frequently than they are in the US C. are greatly encouraged by banking regulations D. are greatly encouraged by Japanese tax rates E. may operate with less money than US businesses
B
Most limited liability companies have statues that state that A. only one member will be personally liable for the debts of the company B. no member or manager will be personally liable for the debts of the company C. no more than two members or managers will be personally liable for the debts of the company D. all members and managers will be personally liable for the debts of the company E. none
B
Shareholders of a corporation have A. no right to see the corporation's books and records B. limited rights to see the corporation's books and records C. no rights to see the corporation's books and records in some states, but not others D. limited rights to see the corporation's books and records in some states, but not others E. none
B
The _____________ provides "default rules" that determine the operation of partnerships when the partnership agreement is silent or where there is no formal agreement among the partnerships A. Revised Uniform Proprietorship Act B. Revised Uniform Partnership Act C. Revised Real Partnership Act D. Revised Unified Partnership Act E. Revised Universal Partnership Act
B
The articles of incorporation usually provide all of the following except A. name of the corporation B. names of all shareholders C. name of the registered agent D. classes of stock being issued E. all of the others choices must be provided
B
The business judgment rule A. is applied when directors of a corporation act negligently B. protects directors and managers of a corporation who have made honest mistakes in judgment C. is used by courts to impose strict liability on directors and managers when violated D. protects directors and managers of a corporation who have made honest mistakes in judgments and is used by courts to impose strict liability on directors and managers when violated E. none
B
Under traditional common law rules, a partnership: A. was always treated as a single legal entity B. generally was not treated as a single legal entity C. had the same legal personality as a corporation D. was forbidden under the law E. could only be formed with the consent of the state
B
Usually the members of a limited liability company A. may transfer memberships interests without the consent of the other members B. may not transfer membership interests without the consent of the other members C. may not know each other D. must know each other for at least a year before the formation of the company E. none
B
Which of the following are not required to be in a certificate of limited partnership A. the type or character of the business B. the business positions to be held by each partner C. the proportion of profits to be earned by each partner D. the business positions to be held by each other and the proportion of profits to be earned by each partner E. the business positions to be held by each partner and the proportion of profits to be earned by each partner and the proportion of profits to be earned by each other
B
Which of the following is not true about a partnership? A. it must be owned by two or more people B. it is always an independent legal entity C. partners co-own the business D. partners share control over the business operation E. all are true
B
Corporations have existed for centuries, but the modern "liberal" general incorporation statutes were first passed in A. the late 1700s B. the late 1800s C. the 1930s D. the 1950s E. the 1960s
B or C??
A board of directors' FIDUCIARY DUTY OF LOYALTY requires that A. directors are morally upstanding people in their personal lives B. directors do whatever is necessary to make a profit C. directors place the interests of the corporation before their own interests D. directors place their own interests of the corporation E. none
C
A person doing business for herself is a _________; the business is a ________. A. partner; partnership B. general partner; limited partnership C. sole proprietor; proprietorship D. shareholder; corporation E. member; syndicate
C
A shareholder's relation to creditors of the corporation is generally that the shareholder A. is a secured creditor B. is an unsecured creditor C. has no relation to creditors D. is a third-party beneficiary to creditors E. none of the other choices
C
General partners in a limited partnership A. have no liability B. have limited liability C. are personally liable to the partnerships creditors D. are personally liable to the secretary of state E. are personally liable to the partnerships creditors only if they choose to be
C
In general, if a partnership agreement does not specify what happens in case of the death or departure of a partner one looks to A. Federal Partnership Act B. Robinson-Patman Act C. Uniform Partnership Act D. Partnership Termination Act E. Partnership Operation Act
C
In general, limited partners lose their limited liability status by A. being a limited partner in another partnership B. denying association with the partnership C. participating in managerial decisions in the partnership D. being a partner in another partnership or by participating in managerial decisions in the partnership E. being a partner in another partnership or by participating in managerial decisions in the partnership or by denying association with the partnership
C
The manager of a limited liability company A. must be related to the members B. must have worked for the company for at least five years C. need not be a member of the company D. must be an American citizet E. must hold a law degree
C
The rules that regulate and govern the internal operations of a corporation are known as A. the certificate of incorporation B. the bond C. the bylaws D. statues of business E. the corporate constitution
C
The shareholders of a corporation generally have the right(s) to A. instruct top management on corporate operations B. hire managers of the corporation C. give a third party the right to vote their shares by proxy D. instruct top management on corporate operations and hire managers of the corporation E. instruct top management on corporate operations and hire managers of the corporation and a third party the right to vote their shares by proxy
C
The process of settling the accounts and liquidating the assets of a corporation is called A. termination B. certification C. transference D. dissolution E. none
D
To create a corporation A. articles of incorporation and an application must first be filed with the federal government B. the federal gov't issues a certificate of incorporation, which must be filed with an application to do business in the relevant states C. the incorporations must hold a public organization meeting, then file articles of incorporation D. the corporation's articles of incorporation are filed with the appropriate officer of the state E. none
D
To hold a shareholder meeting, which criteria must be met? A. a quorum of shareholders must be represented B. advance notice of the meeting must be given C. a state representative must be in attendance D. a quorum of shareholders must be represented and advance notice of the meeting must be given E. all of the other choices
D
Which of the following is a decision that would most likely require the consent of all partners A. changing the nature of the partnerships business B. admitting new partners C. selling the business D. all of other specific choices are correct E. none
D
Which of the following is a disadvantage of a sole proprietorship A. business profits are taxed to the owner personally B. the owner is personally liable for all the business debts C. the limited alternatives for raising financial capital D. both b and c are disadvantages of a sole proprietorship E. both a and c are disadvantages of a sole proprietorship
D
Which of the following is not true about the termination of a limited partnership? A. the bankruptcy of a limited partner does not force termination B. the business may continue to operate during dissolution C. creditors rights come before partners rights to funds D. limited and general partners share assets equally at the same time after the creditors are paid E. all of the other choices are true
D
A corporation consists of A. shareholders B. board of directors C. officers or managers D. shareholders and board of directors E. shareholders, board of directors, and officers or managers
E
A partnership can begin ;with A. an implied agreement that can be inferred from the conduct of the parties doing business B. a written agreement C. an oral agreement D. a written or an oral agreement only E. a written agreement or an oral agreement or an implied agreement that can be inferred from the conduct of the parties doing business
E
A written partnership agreement typically specifies the following except: A. the ownership interests of the partners B. the method of accounting to be used C. the name of the partnership business D. the producers for dissolution of the partnership E. all of the other choices are usually included in the agreement
E
The dissolution of a partnership may occur A. if a partner is found to be bankrupt B. if the business of the partnership is made unlawful C. if a partner dies D. if a partner is found to be bankrupt or if a partner dies E. if a partner is found to be bankrupt or if a partner dies or if the business of the partnership is made unlawful
E
The oldest and simplest form of business organization is the A. joint venture B. limited partnership C. syndicate D. cooperative E. proprietorship
E
The owner of a sole proprietorship A. is legally the same as the business B. is taxed the same as the business C. may hire any number of employees D. is legally the same as the business and is taxed the same as the business E. is legally the same as the business and is taxed the same as the business and may hire any number of employees
E
Which of the following are usually included in a written partnership agreement A. place and date of formation B. the distribution of profits C. priority rights in payments D. how partnership shares will be valued E. all of the other specific choices are usually included
E
A limited partnership is different from a general partnership because A. a limited partnership can have only two people in active management B. there are limits to annual capital gains in limited partnership C. all partners in a limited partnership must actively participate in major managerial decisions D. a limited partnership may have only one general partner
D
Which of the following is a right of a limited partner in a limited partnership A. the right to see the partnership books B. the right to participate in the dissolution of the business C. the right to take an active role in managing the business D. both a and b are rights of a limited partner E. none of the other specific choices are rights of a limited partner
D
A _______ terminates with the death or incapacity of the proprietor A. sole proprietorship B. double corporation C. limited liability corporation D. corporate corporation E. partnership
A
A __________ is an artificial person, or legal entity, created under the state law A. corporation B. limited partnership C. legal partnership D. sole proprietorship E. business
A
Sales of ______ and ________ can be difficult because determining the market value of the asset may be difficult A. sales corporation; sole proprietorship B. close corporation; double proprietorship C. close corporation; publicity traded corporation D. sole proprietorship; publicity traded corporation E. sole proprietorship; double corporation
A
The majority of businesses in the US are A. sole proprietorships B. non-taxable C. corporations D. non-profit E. partnerships
A
When a court "pierces the corporate veil" it A. holds shareholders personally liable for corporate debts B. holds the board of directors jointly and severally liable C. provides the chief financial officer of the corporation with limited liability D. sanctions the under capitalization of the corporation E. provides partial protection from corporation debts
A
A business organization in which some of the partners are not liable for partnership is called a A. no liability partnership B. limited liability partnership C. partial liability partnership D. local liability partnership E. unlimited liability partnership
B
The Franchise Rule requires which of the following: A. franchisees have the right to have their money returned within 30 days B. franchisees must be given the offering circular at least 10 days before purchase C. franchisors must be registered with the FTC before selling franchises D. franchisees have the right to have their money returned within 30 days and must be given the offering circular at least 10 days before purchase E. franchisees have the right to have their money returned within 30 days and given the offering circular at least 10 days before purchase and franchisors must be registered with the FTC before selling franchises
B
The _________ refers to the ability of an owner in a business venture to sell or pass that interest to others A. immovability of ownership interest B. transferability of ownership interests C. removability of ownership interests D. redistributionability of ownership interests E. mobility of ownership interests
B
The profits of partnerships are taxed A. the same as corporations B. to each partner personally as agreed upon or shared equally C. both at the partnership level and to each partner individually D. not at all, since they are exempt E. none of the other choices
B
Unlike a corporation A. a partnership pays high income taxes on its income B. a partnership pays no income taxes on its income C. a partnership cannot lose money in a bankruptcy suit D. a partnership cannot have more than two partners E. a partnership has not duty to creditors before investors
B
Unlike a corporation, a limited liability company is A. allowed perpetual life B. not allow perpetual life C. allowed to exist for ore than five years D. not allowed to exist for more than five years E. none
B
A __________ is an association of two or more persons to carry on a business as co-owners for profit A. proprietorship B. corporation C. partnership D. cooperative E. All the other choices
C
A business's _______ refers to its ability to continue to operate in the event of the death, retirement, or other incapacity of an owner of the business A. perpetuity B. lifetime C. duration D. experience E. continuation
C
A potential drawback of sole proprietorship and partnerships is that the parties involved have A. limited financial liability B. only corporate liability C. unlimited liability D. partial protection from creditors for business debts E. only corporate liability and partial protection from creditors for business debts
C
The sale of shares in a closed corporation is similar to the sale of a sole proprietorship because A. the shares are traded on the open market B. numerous shareholders make transfers difficult C. determining a market value of the asset may be difficult D. government approval is necessary for a transfer E. duration is an important issue
C
Unless its articles of incorporation provide otherwise, a corporation A. lasts for twenty years B. lasts for fifty years C. lasts perpetually D. lasts as long as state law allows; the life varies among the states E. lasts as long as the IRS permits
C
Unless the limited partnership agreement holds otherwise, when a limited partnership is dissolved the limited partners receive their share of the profits and their capital contributions A. after the general partners get theirs B. after the general partners, but before the creditors C. before general partners receive anything D. before creditors receive anything E. none
C
With respect to transferability of ownership interests, a sole proprietor may A. not transfer her interests B. may only transfer her interest with approval of the state C. freely transfer her interests D. transfer her interests to family members only E. transfer her interests after paying a capital gains tax
C
About _______ of retail sales in the US takes place in franchise operations A. one fourth B. two thirds C. one half D. one third E. 90%
D
Before franchises may be sold, the parent company must: A. register with the SEC under the 1933 Securities Act B. register with the SEC under the Investment Company Act C. register with the CFTC Franchise Offering Rule of 1990 D. comply with FTC regulations and perhaps other state regulations E. none of the other choices
D
Most shareholders give third parties their _______. It is a written authorization to cast their vote so they do not have to attend a shareholder meeting in person A. charter B. shares C. resolution D. proxy E. none
D
A limited liability company may be terminated A. by retirement of a member B. by the death of a member C. by the consent of all members D by the expulsion of a member E. by any of the other choices
E
Factors that influence the choice of a particular form of business organization may include A. capital requirements B. duration C. tax rates D. transferability of interest E. all of the other choices
E
If a partner assigns his interest in a partnership A. the partnership is terminated B. the new person does not automatically become a partner C. the partnership continues D. the partnership is terminated and the new person does not automatically become a partner E. the new person does not atomically become a partner and the partnership continues
E
Which of the following is included in the business format category of franchise A. restaurants B. nonfood retailers C. business services D. rental companies E. all of the other specific choices are correct
E
Which of the following must be contained in a certificate of limited partnership under the Uniform Limited Partnership Act A. name of the business B. type or character of the business C. the address of an agent who is designated to receive legal process D. duration of the limited partnership E. all of the other choices are correct
E
Which of the following statements about a corporation is true? Corporations are not entitled constitutionally protected A. free speech B. equal protection C. privileges against self-incrimination D. freedom from unreasonable searches and seizures E. none
C
The Franchise Rule requires that the following information must be provided except A. the names and addresses of other franchisees B. an audited financial statement of the franchisor's operation C. the background and experience of all existing franchisees D. the responsibilities that the parties will have to each other under the agreement E. all of the other choices are correct
C
In general, a corporations ____________ along with an application, must be filed with the appropriate state office, along with payment of a fee to create a corporation A. certificate of incorporation B. proof of funding C. certificate of credit D. articles of incorporation E. documents of incorporation
D
The relation of the parties taking part in a limited liability company are A. there are two or more members B. members have unlimited liability for business debts C. the parties have a membership interest in the business D. there are two or more members and the parties have a membership interest in the business E. there are two or more members, members have unlimited liability for business debts, and the parties have a membership interest in the business
D
Which of the following occur after the state has issued a corporation its certificate of incorporation A. electing a board of directors B. enacting the corporations bylaws C. issuing the corporations stock D. all of the other specific choices are correct E. none
D
A reason the corporate status is often chosen is A. corporations have the status of a legal person B. the Civil Rights Act of 1964 does not apply to corporations C. shareholders have the right to instruct management D. directors are immune from liability suits E. none of the other choices are true
A
Dissolution of a corporation A. may be voluntary or involuntary B. is always voluntary C. is never voluntary D. cannot be voluntary in some states E. cannot be involuntary in some states
A
A complete termination comes about only after the partnership has been ____ and its affairs have been wound up. A. dissolved B. disillusioned C. standardized D. reorganized E. finalized
A
A limited partnership is usually dissolved by the bankruptcy of A. a general partner, but not a limited partner B. either a general partner or a limited partner C. a limited partner, but not a general partner D. the secretary of state E. neither a general partner nor a limited partner
A
In a sole proprietorship, the owner is A. the business B. a corporation C. a subsidiary D. a partnership E. an amalgamation
A
The dissolution of a partnership occurs A. when an event takes place that precludes the partners from continuing the business B. during the process of completing any unfinished business of the partnership C. during the collection and distribution of the partnership's assets D. when a certificate of limited partnership is executed E. none
A
A certification of incorporation from the government A. gives a business monopoly privileges B. is necessary for a corporation to be recognized legally C. must be obtained by all limited partnerships D. is necessary or a corporation to be recognized legally and must be obtained by all limited partnerships E. none
B
A change in the relationship of the partners that shows an unwillingness or an inability to continue with business may bring about _______ of the partnership A. finalization B. termination C. composition D. revitalization E. retaliation
B
A person doing business for him/herself is a A. single proprietor B. sole proprietor C. only proprietor D. partner E. general proprietor
B
Limited partners are similar to corporate shareholders in that A. both have unlimited liability B. there is no liability for either C. both are liable to the extent of their investment D. there must be one general partner E. none
C
Many states now allow groups of doctors in practice together to form a particular legal entity allowed by statute called A. a limited liability company B. a cooperative C. a professional corporation D. a limited partnership E. a physician association
C
Partners in a partnership owe each other A. direct interest responsibility B. a duty to contribute direct assets C. a fiduciary duty D. a duty of ordinary care E. none
C
The _______ of partnership affairs involves completing any unfinished business and then collecting and distributing the partnerships assets A. winding down B. resetting C. winding up D. terminating E. dissolution
C
The business organization that has at least one general partner and other investors who limit liability is a A. corporation B. general partnership C. limited partnership D. limited liability company E. proprietorship
C
Whom of the following must follow a corporation's bylaws in conducting corporate activities A. shareholders B. directors C. officer of the corporation D. all of the other specific choices are correct E. none
D
Directors of a corporation may be A. removed for cause B. reprimanded but not removed during term in office C. liable for a breach of duty D. reprimanded but not removed during term in office but held liable for breach of duty E. removed for cause and be liable for a breach of duty
E
The articles of incorporation usually include all of the following except A. classes of stock to be issued B. address of the corporation C. purpose of the business D. address of the corporation and the purpose of the business only are included E. address of the corporation and the purpose of the business and classes of stock to be issued included
E
The articles of organization filed for a LLC must include A. whether it will be managed by its members or by a manager B. the address of the company or its registered agent C. whether any members are to be liable for company debts D. whether it will be managed by its members or by a manager and the address of the company or its registered agent E. whether it will be managed by its members or by a manger and the address of the company or its registered agent and whether any members are to be liable for company debts
E
The owners of a corporation are called A. partners B. officers C. shareholders D. principals E. none
C
In most circumstances, a partnership is now treated as A. a legal entity B. a special entity with no ability to sue or be sued C. a proxy D. a sole proprietorship E. none
A
A ________ is any name other than the name of the individual who owns the business A. fake name B. illegitimate name C. false name D. fictitious name E. confusing name
D
To create a limited liability company, creators must produce A. a corporate charter B. a partnership agreement C. nothing; they are like sole proprietorships D. shares of stock E. articles of organization
E
A disadvantage of the sole proprietorship form is often A. business profits are taxed to the owner personally B. the limited alternatives for raising financial capital C. the owner has sole responsibility for control, liabilities, and management D. the record keeping formalities of the business are within the owner's discretion E. none
B
A close corporation is one A. with a pending application for incorporation B. with stock that can only be traded with other corporations C. that is in the process of dissolution D. that has a small number of stockholders E. that issues only preferred stock
D
A limited liability company A. is taxed like a partnership B. has the liability of a corporation C. is taxed like a corporation D. is taxed like a partnership and has the liability of a corporation E. is taxed like a corporation and has the liability of a corpoation
D
In Japan small businesses are A. greatly favored by the government b. exempt from most taxes C. considered very desirable places to work D. discriminated against by government policy E. formed at a much faster rate than in the US
D
In Japan small businesses are A. greatly favored by the government B. exempt from most taxes C. considered very desirable places to work D. considered less desirable places to work E. formed at a much faster rate than in the US
D
The termination of a corporation A. is conducted in two phases: dissolution and winding up B. prevents the corporation from taking on any new business C. may be brought about either voluntary or involuntary D. is conducted in two phases: dissolution and winding up, and prevents the corporation from taking on any new business E. is conducted in two phases: dissolution and winding up, and prevents the corporation from taking on any new business and may be brought about either voluntary or involuntary
E
Under the Uniform Limited Partnership Act, a written partnership agreement must include A. the name of the business B. the type or character of the business C. the contributions of each partner D. the name of the business and the type or character of the business E. the name of the business and the type or character of the business and the contributions of each partner
E
A limited liability company A. is charactered by the Securities and Exchange Commission B. has the liability of a corporation C. is taxed like a corporation D. is chartered by the Securities and Exchange Commission and has the liability of a corporation E. is taxed like and has the liability of a corporation
B
In the final dispersal of the assets of the limited partnership, creditors rights A> do no precede partners rights B. precede partners rights C. are immaterial D. precede some precede partners rights, but not others E. only precede general partners rights
B
Legally, the board of directors is the _________ of a corporation A.principle B. leader C. principal D. judge E. owner
C
The duty of partners to a partnership is A. to elect one partner as a managing partner B. to place the assets in a blind trust C. based on extraordinary trust and loyalty to the partnership D. to elect one partner as a managing partner and is based on extraordinary trust and loyalty to the partnership E. to elect one partner as managing partner and to place the assets in a blind trust and is based on extraordinary trust and loyalty to the partnership
C
The governing committee of a corporation is the A. board of presidents B. president C. board of directors D. board of shareholders E. board of managers
C
During the course of a partnership's winding-up process, the partners owe each other A. a duty to disclose all finances of the partnership B. a duty to compete fully C. a duty to refrain from termination D. a duty of discounting E. a duty to mitigate
A
Electing a board of directors, enacting the corporation's bylaws, and issuing the corporations stock are all things that occur A. after the state has issued the corporation's certificate of incorporation B. before the state has issued the corporation's certificate of incorporation C. before the state has issued the corporation's articles of incorporation D. before the application for a certificate of incorporation E. these things can occur at anytime
A
If a shareholder supplies needed material to the business then he A. will become a creditor of the corporation and will enjoy the same rights of recovery against the corporation as any other creditor B. will not officially become a creditor of the corporation, but will enjoy the same rights of recovery against the corporation as any other creditor C. will be removed from the corporation D. will be forced to sell his shares in the company E. will become a creditor of the corporation, but will not enjoy the same rights of recovery against the corporations as any other creditor
A
There are ______ businesses in the US A. over 30 million B. under 20 million C. over 50 million D. less than 500,000 E. too many
A
Which of the following is not true about corporate directors? A. the initial board is often specified in the articles of incorporation B. directors are subject to a fiduciary duty of loyalty C. directors must always act to preserve the corporation D. directors may be removed from office for breach of duty E. all of the other choices are true
C
Which of the following statements is (are) true? A. a partnership may consist entirely of limited partners B. a limited partner may exercise control over the business in proportion to his interest in it C. a limited partnership must have at least one general partner D. all of the other specific choices are true E. none
C
