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blaw test 3 Questions and Answers
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blaw test 3 Questions and Answers
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blaw test 3- ✔✔a partnership is the association of two or more persons to carry on as co-owners
a business for profit. The association:
60 percent to astrid and 40 percent to razi, unless otherwise agreed - ✔✔astrid and
razi formed a partnership in which they agree to share profits 60 percent to astrid and
40 percent to raze. losses will be shared
a closely held corporation - ✔✔daniel, his parents, and three brothers own all the
stock of their family farm corporation. this corporation which is taxed as a corporation,
is probably
a corporation to an LLC - ✔✔which of the following transactions would be considered
by the IRS to be a taxable sale of assets? Changing the form of business from:
a limited liability company - ✔✔the business form that is taxed as a partnership and
gives all owners limited liability is
a partner in a partnership at will serves notice that he intents to withdraw - ✔✔which
of the following is a rightful dissociation
a state's secretary of state's office - ✔✔a corporate charter is filed with
all of the above - ✔✔frank is a controlling shareholder in E-prise, inc. Frank
100%
all of the above - ✔✔hank owns 100 shares of cumulative preferred stock in Wayside
Transport, Inc. Kelsey owns 50 non-cumulative preferred shares, and oleg owns 120
shares of common stock. Wayside does not pay dividends in 2007. In 2009:
all of the above - ✔✔martin, leah, and pablo are considering forming a business. What
factors should they consider in making a choice of organization
all of the above - ✔✔the equal dignities rule relative to agency law applies to an agent
all of the above - ✔✔which of the following is correct concerning the SEC regulations
on shareholder resolutions
all of the above - ✔✔which of the following must be approved by the shareholders if a
company is attempting to avoid a hostile takeover bid
all of the above - ✔✔which of the following statements is correct
all of the above are correct - ✔✔a corporation must obtain shareholder approval
before the company
all of the above are correct - ✔✔if the agent is disloyal to the principal
all of the above are evidence of partnership - ✔✔which of the following would be
evidence that two people intend to be partners
, all of the above. all of these terms are used to identify the same document -
✔✔defining a corporation with such information as the corporate name, the number
and type of authorized shares of stock, identification of the purpose and the agent, is
done through the
all of the answer choices are factors in determining if an act is "within the scope of
employment" - ✔✔factors influencing whether a servant is acting within the scope of
employment include all but which of the following
Alma, as the UPA provides that profits are split equally unless the partners agree
otherwise - ✔✔art and alma made capital contributions of 60% and 40% respectively
to their newly formed partnership, AA & Associates. They did not have a written
partnership agreement. At the end of the first year, the partnership made a profit of
which Alma now claims half. However, Art maintains he should receive 60%. Who is
correct
an s corp shareholder - ✔✔which of the following would not be personally liable for
the debts of the business
apparent authority - ✔✔the doctrine of estoppel would most often apply in the
situation of
100%in the corporate charter, but this
are limited by the number of shares authorized
number can be increased by amending the charter and paying a fee - ✔✔the
executives of Jornaginn Corporation have decided they need to sell 50,000 additional
shares of stock to finance their expansion plans. The executives:
both of the above - ✔✔a majority of shareholders of FamLi Co. wish to expel Glenn, a
minority shareholder. In most states, the company cannot expel Glenn unless:
both of the above - ✔✔the term "corporate manager" refers to
both of the above are necessary to change a corporate charter - ✔✔once a provision
is in the corporate charter, it can only be changed by:
by the conduct of the parties - ✔✔an agency relationship can be created
can buy the business only with pamela's permission - ✔✔pamela hired lena to sell her
business, lena
can do any of the above - ✔✔meredith, a shareholder in Quarto, inc., notified quarto's
board of directors that the corporation had been wronged and asked the board to bring
a lawsuit in the corporation's name. in response to meredith's demand, the board
chosen by the board of directors - ✔✔the officers of a corporation are
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