legal studies

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which of the following are advantages of operating as a partnership?

- Forming a partnership is simple and relatively inexpensive. - Partnerships are not taxed.

which of the following provisions are typically in an operating agreement for a limited liability company?

How membership interests may be transferred. whether dissociation of a member such as the death or departure will trigger dissolution of the LLC

which statement is true about creating a sole proprietorship

No documentation is required to create a sole proprietorship.

which of the following is a disadvantage of operating as a partnership

Partners may suffer financial loss if the partnership is not profitable.

a corporation that is formed in one state but does business in another state is referred to in the second state as

a foreign corporation

what tax options are available to a LLC

an LLC with only one member can choose to be taxed as a corporation or a sole proprietor. an LLC with two or more members can choose to be taxed as a partnership or a corporation.

which of the following is a requirement for the formation of a LLC

articles (or certificate) of organization

what are three ways in which a partnership can be dissolved?

by a fixed term in the partnership. by operation of law. by an act of the partners

a partnership in which the liability is shared between all of your partners together or one or more individual is called?

joint and several liability

the simplest form of business to establish is a.

sole proprietorship

what documents spells out the powers of a corporation

the bylaws. the charter.

the legal effects of dissociation of a member of a LLC include

the dissociated members duty of loyalty to the LLC terminates. the dissociated member loses the right to participate in management

who is liable for contracts entered into on behalf of the corporation before the corporation is formed

the promoter

In ordinary circumstances. when the corporate veil has not been pierced a shareholder may be liable for

unpaid amounts on the shares held by that shareholder

in a distributorship

a manufacturer licenses a dealer to sell its product

which of the following is a requirement for the initial formation of a corporation

articles of incorporation

most limited liability company statue's provide that unless the articles of organization specify otherwise an LLC is assumed to be managed by

it's members

which of the following is a duty of both corporate directors and corporate officers

making a full disclosure of potential conflicts of interest

which of the following rights may a member of a LLC transfer to a non member

sharing the companies financial profits

what is true of the liability for loss or injury caused by the wrongful acts or omissions of the members of limited liability companies?

the LLC as an entity can be held liable but members themselves are not personally liable

a sole proprietorship differs from a limited liability company LLC in

the documentation required for formation.

which of the following provisions are typically in a charter/article of incorporation for a corporation

the intended business purpose of the corporation. the name and address of the corporations agent.

what type of corporation is formed for the purpose of doing a public service instead of making money.

non profit

common shareholders have the right to vote on

proposals for fundamental changes affecting the company such as mergers or liquidation.

a sole proprietorship differs from a partnership in

the number of owners

an operating agreement for a limited liability company

typically includes provisions about choosing the LLC's management

when a new partner joins a previously existing partnership the new partner is personally liable for

only obligations after becoming partner

which of the following documents spells out the rights and duties of the members of a limited liability company(LLC)?

operating agreement

which of the following are rights of common stockholders?

opportunity to inspect corporate books and records. transferable ownership. voting on matters such as election of directors and proposals for mergers or liquidations

what is true

members of an LLC may stipulate in their operating agreement that certain events will cause dissolution. a court may order the dissolution of an LLC under certain circumstances such as the members engaging in illegal conduct.


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