business law final

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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


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