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BUL 3310 Exam 4- Bailey Questions and Answers 100% Pass
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BUL 3310 Exam 4- Bailey Questions and Answers 100% Pass 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 - ANSWER -True Subchapter S corporation will avoid double tax...

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  • December 17, 2024
  • 85
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bul 3310 exam 4 bailey questions and answers 100

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BUL 3310 Exam 4- Bailey Questions
and Answers 100% Pass

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 - ANSWER ✔✔-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 - ANSWER ✔✔-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?




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.




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


D. The LLC is not a taxable entity - ANSWER ✔✔-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




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D. Competitive advantage - ANSWER ✔✔-B. Legal capacity


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


T/F - ANSWER ✔✔-False


The provisions of the law AND the partnership agreement govern the operations of the partnership


T/F - ANSWER ✔✔-True


Sharing in net profits is not prima facie evidence that a partnership exists if the profits were paid by the

partnership ...




A. As rent


B. For wages


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


D. All of the above - ANSWER ✔✔-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 - ANSWER ✔✔-C. Estoppel




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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 - ANSWER ✔✔-D. Both A and C


The capital contribution of each partner is a liability to the partnership and must be returned to the

partner when the partnership ends


T/F - ANSWER ✔✔-True


Under RUPA, a partnership may take title to real life property as a tendency in partnership


T/F - ANSWER ✔✔-True


AMJ Partnership has 3 partners: Amy made a 60,000 capital contribution; May made a 20,000 capital

contribution; and June made a 10,000 capital contribution. The partnership agreement is silent about how

profits will be divided. If the partnership makes 90,000 in profits, how will it be distributed?




A. 60,000 to Amy; 20,000 to May; 10,00 to June


B. 30,000 each to Amy, May and June


C. 45,000 to Amy; 30,000 to May; 15,000 to June


The partners will have to determine the distribution by a D. 23 partnership vote - ANSWER ✔✔-B. 30,000

each to Amy, May and June


If a partnership agreement does not say how losses will be shared, they will be shared ...


Created by ©EmilyCharlene 2025. All rights reserved.

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