Bul 5810 - Study guides, Class notes & Summaries

A corporation may not be a partner in a partnership. ~~> false Under the common law, a partnership is generally considered to be a legal entity rather than an aggregate of individuals. ~~> False Partners may elect to have the partnership not be a separate taxable entity, so that only the partners are taxed. ~~> True A general partnership may be formed for a charitable purpose. ~~> False Tori and Margaret agree to form a partnership. The partnership contract be...

Supreme Law of the Land ~~> The Constitution Sources of Federal Law ~~> US/state constitutions, federal/state statutes, common law, case law, and administrative law Expansion of Administrative Rules and Regulations ~~> Legislative Rules: substantive rules issued by an administrative agency under the authority delegated to it by the legislature Interpretative Rules: statements issued by an administrative agency indicating how it construes a certain statute Procedural R...

Four sources of law in the U.S. legal system are: a. constitutional law, criminal law, civil law, and maritime law. b. federal law, state law, international law, and maritime law. c. statutory law, case law, equity, and common law. d. constitutional law, judicial law, legislative law, and administrative law. - Answer d. constitutional law, judicial law, legislative law, and administrative law.

BUL 5810 PART III - AGENCY TEST ...

In the common law system of the United States, a crime is defined as: (A) a private wrong that necessitates litigation between the victim and the perpetrator. (B) any act or omission prohibited by the government and made punishable in a judicial proceeding brought by the government. (C) litigation where the injured party sues to recover compensation for the damages and injury sustained as a result of the defendant's wrongful conduct. (D) interstate compacts and the rules and regulat...

BUL 5810 - CORPORATIONS EXAM WITH QUESTIONS AND ANSWERS...

A power of attorney is a formal manifestation that states an agent's authority. The agent is known as the: ~~> attorney at fact A(n) __________ is a written instrument that expresses the principal's intention that the agent's authority will not be affected by the principal's subsequent incapacity or that the agent's authority will become effective upon the principal's subsequent authority. ~~> Durable power of attorney Agency is a consensual relationship that the prin...

A legal entity separate and distinct from its owners referred to as shareholders, and formed by filing articles of incorporation is a: ~~> corporation A partner who has no right to participate in control of the business and who has limited liability is called a: ~~> limited partner In choosing the form in which to conduct business, if ease of formation is the primary concern, the owners would choose a: ~~> general partnership A __________ is an unincorporated business ...

BUL 5810 CHAPTER 21 EXAM QUESTIONS WITH ANSWERS...

Which of the following is NOT a characteristic of the corporate form of doing business? ~~> Informal organization All of the following are characteristics of a corporation EXCEPT: a. it has perpetual existence. b. it is a legal entity of its own. c. it is able to be sued and to sue. d. it is usually managed by its owners. ~~> It is usually managed by its owners A corporation is considered a citizen: ~~> of the state in both (1) where it has a principal office (2)...