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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 45520
Experience:  32 years of experience practicing law and a businessman.
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A limited liability company is a legal entity apart from its

Resolved Question:

A limited liability company is a legal entity apart from its owners.
True
False

A limited liability company offers the tax advantages of a partnership.
True
False

In the sole proprietorship form of business, the owner of the business receives all of the profits of the business.
True
False

Under which organizational structure would the death of the owner have no legal effect?

a partnership
a corporation
a sole proprietorship
all of the above

A partnership is organized for the profit of its members.
True
False

Kim, Lynn, and Mike agree to be partners in Northwest Tours, a travel agency. Kim contributes 75 percent of the capital. The partners agree to split the profits equally. When Northwest is dissolved, its liabilities are greater than its assets. The losses are paid by;
Answer
Kim because he contributed most of the capital.
Lynn and Mike because they contributed the least of the capital.
all of the partners in proportion to their capital contributions.
all of the partners in proportion to their shares of the profits.
2 points
Question 7

A major disadvantage of the sole proprietor is:
Answer
no organizational fees.
sole proprietor obtains all the profits.
personal liability for debts.
sole proprietor is free to make all business decisions.
2 points
Question 8

An individual can become an owner of a corporation by purchasing one share of the corporation's stock.
Answer True
False
2 points
Question 9

The personal assets of individual partners are subject to liability if the assets of the partnership are insufficient to satisfy the demands of the partnership's creditors.
Answer True
False
2 points
Question 10

The dissolution of a partnership occurs when any partner ceases to be associated with the carrying on of partnership business.
Answer True
False
2 points
Question 11

When an individual owns a share of stock in a corporation, that individual;
Answer
has an ownership interest in the corporation.
is a creditor of the corporation.
generally has no voting rights.
is in possession of a debt security.
2 points
Question 12

In a limited partnership, the liability of a limited partner is limited to the amount of capital he or she has invested in the partnership.
Answer True
False
2 points
Question 13

The liability of a partner for partnership debts is limited to the amount of capital he or she invests in the partnership.
Answer True
False
2 points
Question 14

Members of a limited liability company share profits:
Answer
according to their status (general or limited) in the firm.
in proportion to their contribution of services.
in proportion to their capital contribution.
according to the terms of the operating agreement.
2 points
Question 15

The income of a sole proprietor is taxed as his personal income.
Answer True
False
2 points
Question 16

A sole proprietor is subject to unlimited personal liability for the debts of the business.
Answer True
False
2 points
Question 17

Franchise disclosures are not required under federal law.
Answer True
False
2 points
Question 18

A limited liability company offers the limited liability of a corporation.
Answer True
False
2 points
Question 19

S corporations avoid federal income taxes at the corporate level.
Answer True
False
2 points
Question 20

When a limited partnership is dissolved, creditors are entitled to distributions of partnership assets before others are paid.
Answer True
False
2 points
Question 21

In a corporation, a large number of investors may pool their assets to finance a large business enterprise.
Answer True
False
2 points
Question 22

The fact that parties share profits and losses is strong evidence of the existence of a partnership.
Answer True
False
2 points
Question 23

A corporate charter can state generally that the corporation is organized to conduct "any legal business."
Answer True
False
2 points
Question 24

A partner's authority to act for the firm is similar to the authority of a(n):
Answer
agent to act for a principal.
independent contractor to act for an employer.
shareholder to act for a corporation.
employee to act for another employee.
2 points
Question 25

The simplest form of business is the partnership.
Answer True
False
2 points
Question 26

A limited partnership is not a legal entity apart from its owners.
Answer True
False
2 points
Question 27

The death of a limited partner will normally result in the dissolution of the limited partnership.
Answer True
False
2 points
Question 28

An individual who has been authorized to vote the share of another stockholder is said to be voting by;
Answer
trust.
proxy.
estoppel.
agency.
2 points
Ques
Submitted: 3 years ago.
Category: Business Law
Expert:  Richard replied 3 years ago.

1. True.

2. True

3. Corporation

4. False

5. Partners in ratio of their capital contributions

6.

7. Personal Liability for debts.

8. True

9. True if general partnership; False if limited partnership

10. True

11. Has an ownership interest in the corporation

12. True

13. True for limited partner; False for general partners

14. Per Operating Agreement

15. True

16. True

17. False

18. True

19. True

20. True

21. True

22. True

23. True

24. Agent to act for principal

25. False

26. False

27. False

28. Proxy

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

Customer: replied 3 years ago.
A shareholder in a business corporation ordinarily is not personally liable for;
Answer
unpaid rent for the property leased to the corporation.
unpaid wages of employees of the corporation.
any part of the subscription price of the shareholder's stock that has not been paid.
dividends received by the shareholder that were improperly paid out of capital.
2 points
Question 30

Who serves as the agents of a corporation and runs the day-to-day operations of the corporation?
Answer
officers
directors
shareholders
employees
Expert:  Richard replied 3 years ago.

Unpaid rent and wages of employees.

30. officers.

 

I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.

 

 

Richard, Attorney
Category: Business Law
Satisfied Customers: 45520
Experience: 32 years of experience practicing law and a businessman.
Richard and 4 other Business Law Specialists are ready to help you

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