Question 1

The factor that most distinguishes a Subchapter S corporation from a "C corporation" is:

Accepted Answer

A) its organizational structure. 
B) its treatment of shareholders for income taxation purposes. 
C) its requirement of restrictive transfer rights of the shares. 
D) its small cost of formation. 
A) its organizational structure. 
B) its treatment of shareholders for income taxation purposes. 
C) its requirement of restrictive transfer rights of the shares. 
D) its small cost of formation.

Question 2

Filings are required in order to form and operate a limited liability partnership.

Accepted Answer

A) True 
 B)False

Question 3

In order to obtain limited liability,Tom and Doris formed an LLC to operate their catering business.They sometimes deposited the proceeds from catering jobs into their personal checking accounts and if they needed to pay personal bills and were short of funds,they used the business account.If creditors of the business cannot get payment for their invoices,is there anything a court can do to help the creditors?

Accepted Answer

It is common under corporate law for sha

Question 4

Andy wants to start his own business.He has decided to rent space in a "strip mall" and open a pet shop.Additionally,he will provide dog grooming services.He figures he can do almost everything himself,though he will need to hire a part-time employee on an "as needed" basis.His friend,Lacy,has agreed to work when needed.??Andy is considering operating his business as a sole proprietorship.What are the primary legal advantages and disadvantages to this form of business ownership for Andy's pet shop?

Accepted Answer

There are many advantages to operating t

Question 5

Which of the following transactions would be considered by the IRS to be a taxable sale of assets? Changing the form of business from:

Accepted Answer

A) a corporation to an LLC. 
B) a partnership to an LLC. 
C) an LLC to a corporation. 
D) a sole proprietorship to an LLC 
A) a corporation to an LLC. 
B) a partnership to an LLC. 
C) an LLC to a corporation. 
D) a sole proprietorship to an LLC

Question 6

The corporate form of business:

Accepted Answer

A) was first known and used by the Greeks and then spread through the Romans to England. 
B) was not known until about 1737 when Sir Francis LaRue developed the concept. 
C) was first allowed in the State of New York around 1811 and is considered to be an American creation. 
D) None of the above. 
A) was first known and used by the Greeks and then spread through the Romans to England. 
B) was not known until about 1737 when Sir Francis LaRue developed the concept. 
C) was first allowed in the State of New York around 1811 and is considered to be an American creation. 
D) None of the above.

The factor that most distinguishes a Subchapter S corporation from a "C corporation" is:

Filings are required in order to form and operate a limited liability partnership.

Which of the following transactions would be considered by the IRS to be a taxable sale of assets? Changing the form of business from:

The corporate form of business:

Introduction to Law

Business Ethics and Social Responsibility

Dispute Resolution

Common Law, Statutory Law, and Administrative Law

Constitutional Law

Torts and Product Liability

Crime

International Law

Introduction to Contracts

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Consideration

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Capacity and Consent

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Introduction to Sales

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Secured Transactions

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Agency

Employment and Labor Law

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Exam 28: Starting a Business

The factor that most distinguishes a Subchapter S corporation from a "C corporation" is:

Filings are required in order to form and operate a limited liability partnership.

Which of the following transactions would be considered by the IRS to be a taxable sale of assets? Changing the form of business from:

The corporate form of business:

Introduction to Law

Business Ethics and Social Responsibility

Dispute Resolution

Common Law, Statutory Law, and Administrative Law

Constitutional Law

Torts and Product Liability

Crime

International Law

Introduction to Contracts

Agreement

Consideration

Legality

Capacity and Consent

Written Contracts

Third parties

Performance and Discharge

Remedies

practical Contracts

Introduction to Sales

Ownership and Warranties

Performance and Remedies

Negotiable Instruments

Secured Transactions

Bankruptcy

Agency

Employment and Labor Law

Employment and Discrimination

Corporations

Government Regulations:Securities and Antitrust

Consumer Protection

Cyberlaw

Intellectual Property

Real and Personal Property

Filters