Exam 12: Business Organizations

The board of directors of a corporation are elected by:

The manager of a limited liability company:

The franchisee has a license to market the company's brands, such as Coca-Cola in which category of franchise:

____ requires that directors of a corporation place the interests of the corporation before their own interests.

With perpetual existence, the death or retirement of a shareholder:

Which of the following statement(s) is (are) true?

A franchise is sold by:

Double taxation on profits is:

A close corporation is one that has a small number of shareholders.

Limited partners are investors who:

The shareholders of a corporation have the right to vote to instruct managers how to run the company.

Corporations may sue and be sued in the name of the business itself.

The name and address of a corporation, the name and address of the corporation's registered agent, and the purpose of the business are all examples of things that are generally included in:

The modern corporation was developed:

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

____ are those with stock traded on a stock exchange and, therefore, are likely to have many shareholders.

Limited partners are investors who:

The board of directors of a corporation are elected by:

A closed corporation typically limits the right to transfer stock.

In a corporation, the profits are taxed and then the profits are taxed again when paid to the shareholders, so there is double taxation of corporate profits.