Bul 3130 test 2 || Questions and 100% Accurate Answers.
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Course
Bul 3130
Institution
Bul 3130
To prevent problems that may arise when a partner dies or withdraws from a partnership, the articles of partnership should include a(n) ______. correct answers buy and sell agreement
A limited liability company is created through filing the ______ with a state official. correct answers articles ...
Bul 3130 test 2 || Questions and 100% Accurate Answers.
To prevent problems that may arise when a partner dies or withdraws from a partnership, the
articles of partnership should include a(n) ______. correct answers buy and sell agreement
A limited liability company is created through filing the ______ with a state official. correct
answers articles of organization
The creation of a(n) ______ is automatic based on business conduct and is modified by
agreement. correct answers partnership
A(n) ______ is any change in the ownership of an organization that changes the legal existence
of the organization. correct answers dissolution
In the context of factors to consider when selecting a business's organizational form, one of the
most significant creation-related issues is correct answers how much paperwork is involved
When courts find that a corporate organization is being misused, the corporate entity can be
disregarded. This has been called correct answers piercing the corporate veil
Which of the following organizations is equally managed by the members unless a manager is
designated? correct answers limited liability corporation
Which of the following has a perpetual existence so long as the number of shareholders is
limited? correct answers S corporation
The crucial issue with the continuity factor of a business's organizational form is correct answers
the method by which the business can be dissolved.
A corporate charter is issued following an application made by individuals known as ______.
correct answers incorporators
A corporation created under the authority of a foreign country may be called a(n) ______. correct
answers alien corporation
The ______, by which the corporate veil can be pierced, may also be used to impose personal
liability upon corporate officers, directors, and stockholders. correct answers alter-ego theory
When organizations are owned by only a few persons, they are said to be ______. correct
answers closely held
Which of the following is required to have its organizers file articles of organization with state
official for formation? correct answers limited liability company
Which of the following is a taxable entity? correct answers a corporation
, The owners of limited liability companies are called ______. correct answers members
Which of the following forms of organization is most easily formed at minimal costs? correct
answers partnership
While selecting a name for a partnership, if the name is other than that of the partners, the
partners must give notice as to their actual identity under the state's ______. correct answers
assumed-name statute
In a closely held corporation, which of the following lawsuits is likely to be brought by a
minority shareholder on behalf of a corporation if the majority is acting illegally or oppresses the
rights of the minority shareholders? correct answers derivative suit
In the context of the continuity of limited liability companies (LLCs), which of the following
statements is true? correct answers In an LLC, a business organization can be an owner.
In a corporation, ______ elect members of the board of ________, who set the objectives and
goals of the corporation. correct answers shareholders, directors
A characteristic of a sole proprietorship is that correct answers it is not possible to transfer
ownership of the organization
Technically, a ___ is an agent appointed by a shareholder for the purpose of voting the shares.
correct answers proxy
Under the Revised Uniform Limited Partnership Act (RULPA), if a limited partner's name is
used in a firm's name and there is no general partner with the same name, that partner _______
correct answers will become personally liable to unsuspecting creditors
With regard to an s corporation, which of the following statements is true? correct answers it
does not pay taxes
Which of the following forms of organization must record a certificate with pertinent
information in the county where the organization has its principal place of business and file
additional copies in every community in which the organization conducts business or has a
office? correct answers limited partnership
Which organizations are owned by a few persons, they are called ______. correct answers
closely held
If Joan, a minority shareholder in the closely held corporation Back Alley Bricks, brigs a
derivative lawsuit on behalf of the corporation, challenging a contract the corporation made with
Brandon, an officer and majority shareholder, who has the burden to prove the contract was
made in good faith? correct answers Brandon
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