100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
BUL 3310 Exam 4- Bailey Questions with 100% Correct Answers | Graded A+ £10.45
Add to cart
Quickly navigate to
Preview
  2.  
  3. BUL 3310
  4.  
  5. BUL 3310

Exam (elaborations)

BUL 3310 Exam 4- Bailey Questions with 100% Correct Answers | Graded A+
 3 views  0 purchase
  • Module
  • BUL 3310
  • Institution
  • BUL 3310

BUL 3310 Exam 4- Bailey Questions with 100% Correct Answers | Graded A+ Partnerships typically buy life insurance policies on each partner in order to fund the required purchase of the partner's interest in the partnership when the partner dies T/F - True Subchapter S corporation will avoid d...

[Show more]

Preview 4 out of 106  pages

Document information

  • December 21, 2024
  • 106
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • bul 3310

Written for

  • BUL 3310
  • BUL 3310

Seller

avatar-seller
JOSHCLAY

Reviews received

Content preview

BUL 3310 Exam 4- Bailey Questions with

100% Correct Answers | Graded A+


Partnerships typically buy life insurance policies on each partner in order to

fund the required purchase of the partner's interest in the partnership when

the partner dies

T/F - ✔✔True

Subchapter S corporation will avoid double taxation if which of the following

applies?



A. All the shareholders agree to be taxed as in a partnership

B. The corporation files Articles of Partnership in the state where it has its

principal place of business

C. The corporation has no retained earnings

D. All of the above - ✔✔A. All of the shareholders agree to be taxed as in a

partnership

Which of the following statements about the rights and duties of doctors

who practice medicine in a professional corporation is true?


1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,A. Doctors have no personal liability for medical malpractice suits.

B. Because they are also owners of the corporation, doctors have no

protection from discrimination based on age.

C. The professional corporation can have no more than ten owner-

employee doctors.

D. They are eligible to participate in tax advantaged pension plans. - ✔✔D.

They are eligible to participate in tax advantaged pension plans

What is the limit of shareholders in subchapter S corporations?

A. 10

B. 35

C. 100

D. There is no limit - ✔✔B. 35

Which of the following statements about LLC's is false?



A. LLC's are a relatively new form of business organization.

B. There is an extensive body of law based on court decisions governing

LLC's.

C. Shareholders have no personal liability for the debts of the LLC.



2
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

,D. The LLC is not a taxable entity - ✔✔B. There is an extensive body of law

based on court decisions governing LLC's

States give corporations many rights, among them is the right to sue and

the right to own property in the corporation's name. What do such legal

rights collectively constitute for a corporation?



A. Goodwill

B. Legal capacity

C. Business identity

D. Competitive advantage - ✔✔B. Legal capacity

The owner of a limited liability company (LLC) has unlimited personal

liability for the debts of the LLC

T/F - ✔✔False

The provisions of the law AND the partnership agreement govern the

operations of the partnership

T/F - ✔✔True

Sharing in net profits is not prima facie evidence that a partnership exists if

the profits were paid by the partnership ...




3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, A. As rent

B. For wages

C. As an annuity to the spouse of a deceased partner

D. All of the above - ✔✔D. All of the above

Frank is a seller of imported pottery. To induce a new wholesaler to sell him

goods on credit, Frank and his brother Ed told the wholesaler that Ed was a

partner in the business. In fact, Ed had no partnership interest and Frank

was a sole ___



A. The complicity theory

B. Vicarious liability

C. Estoppel

D. Respondeat superior - ✔✔C. Estoppel

Which of the following statements is true about a partnership name?



A. The name is an asset of the partnership that may be sold or assigned

B. The name must include the word "company" in it.

C. The partnership must comply with the state's assume name provisions.

D. Both a and c - ✔✔D. Both A and C



4
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller JOSHCLAY. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for £10.45. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

50990 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling
£10.45
  • (0)
Add to cart
Added