Exam 12: Business Organizations

In most states, corporations legally exist for fifty years, then must renew their corporate charters.

State regulation of franchises is typically conducted by:

Which of the following is a category of franchise:

The manager of a limited liability company:

The articles of incorporation filed with the state can provide minimal information about the structure of a corporation.

A partnership can begin with either a(n) ____ or a(n) ____.

The ____ are the "rules" that regulate and govern the internal operations of the corporation.

The articles of incorporation usually include all of the following except:

Professional corporations are a business form often adopted by small businesses, especially in retail sales.

In a sole proprietorship, legally the owner is the business and the business is the owner.

A person doing business for herself is a ____; the business is a ____.

A corporation is recognized under both federal and state law as a "person" and:

The states issue certificates of incorporation.

Limited partners are similar to corporate shareholders in that:

Many partnership agreements are subject to the Federal Partnership Act.

In Eagles Landing Development, LLC v. Eagles Landing Apartments, LP, where the LLC built apartments for the LP, but the LLC was not paid for all its work, the LLC sued some limited partners in the LP for payment. The appeals court held that:

The majority of businesses in the United States are:

The business organization that has at least one general partner and other investors who have limited liability is a:

Federal regulation prohibits franchise agreements from containing territorial restrictions.

A close corporation does not have shares of stock traded in stock markets.