Closely held corporation - Study guides, Class notes & Summaries

Fundamental Accounting Principles Wild Shaw 20th Edition Test Bank   Fundamental Accounting Principles Wild Shaw 20th Edition Test Bank Chapter 01 Accounting in Business True / False Questions 1. Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. True False 2. Bookkeeping is the recording of transactions and events and is only p...

FL Business and Finance Practice Test 100% Correct The owner must prove financial capability no later than ________ days prior to the expiration of the time for withdrawal of bids. A. 3 B. 5 C.7 D.30 Answer: C. 7 - AIA 701.6.2 How many copies of the plans and specifications shall the contractor maintain on site? A. 1 B. 2 C. 3 D. 4 Answer: A. 1 - AIA201 2.3.6 Contracts entered into by unlicensed contractors ________________. A. are immoral B.are illegal C. are enforceable D. are unenforceable...

Which of the following statements is true about a partnership name? (The name is an asset of the partnership that may be sold or assigned. The name must include the word "company" in it.) The partnership must comply with the state's assume name provisions. Both a and c - ️️Both a and c The owner of a limited liability company LLC has unlimited personal liability for the debts of the LLC. T/F? - ️️False Which of the following is NOT one of the recognized disadvantages of ...

Members -Correct Answer The individuals or business entities that belong to a limited liability company Benefit Corporation -Correct Answer a corporate form that requires directors to ensure that the corporation meets explicit social goals in addition to producing shareholder profits Managers -Correct Answer A person designated and charged with day-to-day operations of a limited liability company Organizer -Correct Answer The parties responsible for bringing a limited liability company ...

Which of the following is a closely-held business organization? Ans- Eli Lilly and Company (a large pharma company headquartered in Indianapolis). Cummins Inc. (a large engine manufacturer headquartered in Columbus, IN). Barnes & Thornburg LLP (a large law firm headquartered in Indianapolis). None of these answers is correct. In Burwell v. Hobby Lobby Stores, Inc., the U.S. Supreme Court held that Conestoga Wood Specialties Corporation and Hobby Lobby Stores, Inc.: Ans- Were protected ...

financial markets correct answers financial institutions connecting providers with users financial analysis correct answers a tool used to evaluate risky opportunities proprietorship correct answers A form of business organization with one owner who takes all the risks and all the profits. partnership correct answers a business owned by two or more people limited partnership correct answers A partnership with one or more general partners and one or more limited partners. limited p...

BUSI 301 Week 5: Ch. 15Business corporation law - correct answer Often the title for a specific state law that covers such matters as the structure of the corporation, oversight of the activity of the corporation's managers, rights of the principals in the case of the sale of assets or ownership interests, annual reporting requirements, and other issues that affect the internal rules of the business venture. Revised Model Business Corporation Act (RMBCA) - correct answer Model act drafted by...

Debbie is a limited partner in ADK Partnership. Her partnership Schedule K-1 reports $19,000 ordinary business income, $2,000 long-term capital gain, and $830 dividend income. Which of these items are subject to self-employment tax? None of the items are subject to SE tax because Debbie is a limited partner. $19,000 ordinary business income $19,000 ordinary business income and $2,000 long-term capital gain All income reported on a partner's Schedule K-1 are subject to self-employmen...

What is the provision of the tax rule that makes income taxable only for the individuals who receive it, and not for the business entity that produces it? Double taxation Pass through Dividend retention Income averaging - ️️Pass Through Which of the following is NOT one of the recognized disadvantages of doing business as a corporation? A corporation must comply with a great number of state and federal regulations. Corporate profits are subject to double taxation. A corporation mus...

What are closely held businesses? Ans- A small, privately held corporation with only a few shareholders, usually family members or other close associates. Shares are not generally traded in the securities market. Sole Proprietor Partnership Corporations Limited Partnership Limited Liability Partnerships Limited Liability Limited Partnerships Limited Liability Company What business obligations might a third party seek to recover? Ans- 1. Contract obligations. 2. Tort obligations. ...

BUSI 301 Week 5: Ch. 15 questions with correct answersBusiness corporation law - correct answer Often the title for a specific state law that covers such matters as the structure of the corporation, oversight of the activity of the corporation's managers, rights of the principals in the case of the sale of assets or ownership interests, annual reporting requirements, and other issues that affect the internal rules of the business venture. Revised Model Business Corporation Act (RMBCA) - corr...