Exam 18: Starting a Business: Llcs and Other Options

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Seventy farmers in Morgan County joined together to gain the advantages of purchasing seed and fertilizer in bulk and of obtaining better prices when distributing and selling their crops.These farmers have formed a:

(Multiple Choice)

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Question 21

Dr.Wong,a dentist,and his wife,an attorney,can protect their personal assets with limited liability from their business dealings by creating and operating a professional corporation together.

(True/False)

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Question 22

Cooperatives may be either incorporated or unincorporated businesses.

(True/False)

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Question 23

Harold and Zack have pooled their money to buy real estate but have filed no formal papers to form a business.Harold,a lawyer,handles all the legal matters and Zack,a real estate broker,finds buyers for the property they have subdivided.Harold and Zack are engaged in a:

(Multiple Choice)

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Question 24

Limited liability is a major advantage of a partnership as compared to a corporation.

(True/False)

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Question 25

No filings are required by a limited partnership.

(True/False)

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Question 26

Susan and Brenda started a retail business called Eagle's Nest Hobbies.The business is operated as a partnership.Under partnership law,Susan is personally liable for any:

(Multiple Choice)

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Question 27

The Federal Trade Commission will not allow the sale of franchises that are unfair to the franchisee.

(True/False)

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Question 28

The business form that is taxed as a partnership and gives all owners limited liability,is a:

(Multiple Choice)

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Question 29

Which of the following would not be personally liable for the debts of the business?

(Multiple Choice)

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Question 30

Businesses often operate in the legal form of a business trust.

(True/False)

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Question 31

The Federal Trade Commission requires franchisors to:

(Multiple Choice)

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Question 32

What is a limited liability company? Explain the advantages and disadvantages of this type of business ownership.

(Essay)

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Question 33

The term "S Corporation" comes from:

(Multiple Choice)

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Question 34

The advantage of a corporation over a partnership is:

(Multiple Choice)

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Question 35

The importance of a Subchapter S corporation is its:

(Multiple Choice)

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Question 36

A limited liability partnership:

(Multiple Choice)

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Question 37

An S Corporation cannot have more than ____ shareholders.

(Multiple Choice)

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Question 38

Drake and Holly agree to jointly run the hospital's fundraiser.Even if they don't have a formal,written agreement,they have formed a partnership.

(True/False)

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Question 39

LLCs offer limited liability for their members and are regulated by the Uniform Limited Liability Company Act,enacted by all of the states.

(True/False)

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Question 40

Showing 21 - 40 of 45

Exam 18: Starting a Business: Llcs and Other Options

Seventy farmers in Morgan County joined together to gain the advantages of purchasing seed and fertilizer in bulk and of obtaining better prices when distributing and selling their crops.These farmers have formed a:

Dr.Wong,a dentist,and his wife,an attorney,can protect their personal assets with limited liability from their business dealings by creating and operating a professional corporation together.

Cooperatives may be either incorporated or unincorporated businesses.

Harold and Zack have pooled their money to buy real estate but have filed no formal papers to form a business.Harold,a lawyer,handles all the legal matters and Zack,a real estate broker,finds buyers for the property they have subdivided.Harold and Zack are engaged in a:

Limited liability is a major advantage of a partnership as compared to a corporation.

No filings are required by a limited partnership.

Susan and Brenda started a retail business called Eagle's Nest Hobbies.The business is operated as a partnership.Under partnership law,Susan is personally liable for any:

The Federal Trade Commission will not allow the sale of franchises that are unfair to the franchisee.

The business form that is taxed as a partnership and gives all owners limited liability,is a:

Which of the following would not be personally liable for the debts of the business?

Businesses often operate in the legal form of a business trust.

The Federal Trade Commission requires franchisors to:

What is a limited liability company? Explain the advantages and disadvantages of this type of business ownership.

The term "S Corporation" comes from:

The advantage of a corporation over a partnership is:

The importance of a Subchapter S corporation is its:

A limited liability partnership:

An S Corporation cannot have more than ____ shareholders.

Drake and Holly agree to jointly run the hospital's fundraiser.Even if they don't have a formal,written agreement,they have formed a partnership.

LLCs offer limited liability for their members and are regulated by the Uniform Limited Liability Company Act,enacted by all of the states.

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