Exam 12: Business Organizations

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

Professional corporations are now allowed:

The voluntary dissolution of a corporation is approved by the shareholders and board of directors.

Compared to the U.S., new businesses in Japan:

In Ironite Products v. Samuels, where a major shareholder (Samuels) of Ironite sued, contending the bylaws had been violated, the appeals court held that:

In Ironite Products v. Samuels, where a major shareholder of a company disputes changes in the bylaws, the appeals court held that the bylaws of the company had been properly changed by the board of directors, so the shareholder could not complain.

In a sole proprietorship, the owner is:

A limited liability company can be recreated to avoid termination.

Which of the following is characteristic of a successful franchise:

When the sole owner of a corporation dies, the corporation ceases to exist and the business must be reorganized.

A general partnership is:

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

The officers and directors of corporations are not provided Fifth Amendment protection against self incrimination for business-related matters.

In general, a corporation's ____, along with an application, must be filed with the appropriate state office, along with payment of a fee to create a corporation.

A written partnership agreement typically specifies the following except:

The company name, the address of the company or its registered agent, the names and addresses of company members and whether any members are to be liable for company debts are all included in a limited liability company's:

Corporations have existed for centuries, but the modern "liberal" general incorporation statutes were first passed in:

LLC built apartments for the LP, but the LP did not pay all sums owed, the appeals court held that the limited partners in the LP were liable for the sums not paid as they signed personal guarantee agreements.

Limited partners may not participate in the management of the limited partnership or they lose certain legal protections.

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