Exam 12: Business Organizations

It may be difficult to sell a partnership share in a partnership because determining the market value of the share may be difficult.

Partners in a partnership owe each other:

In Storetrax.com v. Gurland, where Gurland, the founder of Storetrax.com, was removed as president but denied severance pay and sued for that, the appeals court held that he was:

If a limited partner contributes services to the business, she may create an inference of managerial control and may be declared a general partner.

In most states a limited partnership does not have to file what information with the appropriate state official?

Franchise companies may not control the use of the company name of a franchisee that has the legal right to use the name.

Which of the following are usually included in a written partnership agreement:

Shareholders, the board of directors and the managers are the three major groups that make up:

In Dunkin' Donuts Franchised Restaurants LLC v. Sandip, Inc., where Dunkin' Donuts claimed that Sandip breached their franchise agreements and Sandip protested that Dunkin' Donuts was not allowing them a reasonable chance to sell the franchise, the court held that:

In Zhou v. Bickley, Zhou helped Bickley start a motorcycle repair shop. When they got into a dispute later, the courts held that Bickley never acted as if Zhou was his partner, hence he was a proprietor who owed Zhou for the money he lent him.

The articles of incorporation filed with the state must include the bylaws that will govern the operation of the corporation.

In Zhou v. Bickley, Zhou helped Bickley start a motorcycle repair shop. When they got into a dispute later, the courts held that:

The federal agency most concerned with regulating the franchise industry is the Department of Commerce.

Partnership agreements typically state what the voting rights of partners will be and how the profits will be shared.

A complete termination comes about only after the partnership has been ____ and its affairs have been wound up.

A shareholder of a corporation may not also be a creditor to the company, as there would be a conflict of interest.

A ____ is an association of two or more persons to carry on a business as co-owners for profit.

Usually the members of a limited liability company:

Which of the following are usually included in a written partnership agreement:

Corporate charters used by state governments many years ago often granted some special privilege.