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LES 305 Exam 3 Study Questions well answered to pass

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LES 305 Exam 3 Study Questions well answered to pass

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  • October 23, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • LES 305
  • LES 305
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BravelRadon
LES 305 Exam 3 Study Questions well
answered to pass

Gwendolyn Melvin wishes to start a children's sports store called, "Just Let 'Em Play!" as a sole
proprietor. What form must she file so that she can use another name than her own?



- DBA certificate

- Disclosure statement

- UCC-1 statement

- Name certificate - correct answer ✔✔DBA certificate



Which of the following does not require a duty of care or good faith to other principals?



- A general partnership

- A family limited partnership

- A sole proprietorship

- A limited partnership - correct answer ✔✔A sole proprietorship



The doctrine that allows a creditor to seek recovery from the purchaser of assets even when the
purchaser did not expressly assume such liabilities as part of the purchase is called:



- Joint and several liability

- Unlimited liability

- Successor liability

- Contributory liability - correct answer ✔✔Successor liability



A sole proprietorship is liable:

,- Not liable for the debt of the business

- For all the debts of the business

- For what the courts determine as fair and just repayment of the debts of the business

- Only up to half the debts of the business - correct answer ✔✔For all the debts of the business



Jed wants to pass his sole proprietorship on to his son Luke in his will. Can he do this?



- No

- Yes

- No, unless the court can prove that Luke is in the best position to run the business

- Yes if the court finds no other heirs exist - correct answer ✔✔No



Which of the following requires a formal filing to be recognized as a valid business entity?



- A sole proprietorship

- All business entities

- A limited partnership

- A general partnership - correct answer ✔✔A limited partnership



Currently, LLPs are often used to protect family businesses as they provide a way to resolve:



- Issues regarding transition from one generation to another

- Management disputes

- Capitalization disputes

- Issues of family fiduciary duties and rights to represent and bind the business - correct answer
✔✔Issues regarding transition from one generation to another



In a general partnership:

, - An unequal split of profits may be agreed to based on the partnership agreement, but losses must be
split equally

- Profits and losses must be split equally among the partners

- Profits must be split equally, but losses may be split unequally based on the partnership agreement

- Profits and losses may be unequally split based on the partnership agreement - correct answer
✔✔Profits and losses may be unequally split based on the partnership agreement



A responsibility to act in the best interests of a partnership by the partners is called a



- Legal duty

- Fiduciary duty

- Ethical duty

- Moral duty - correct answer ✔✔Fiduciary duty



The origins of LLP's were rooted in protection of:



- Professional service firm partnerships

- Professional service firm sole proprietorships

- Private service firm partnerships

- Private service firm sole proprietorships - correct answer ✔✔Professional service firm partnerships



LLCs were originally created by the:



- California legislature

- New York legislature

- Deleware legislature

- Wyoming legislature - correct answer ✔✔Wyoming legislature



After the ULLCA was created, some states have started to adopt an act that modifies it called:

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