Exam 12: Business Organizations

Which form of business incurs double taxation:

Limited liability is:

Whom of the following must follow a corporation's bylaws in conducting corporate activities:

In Dunkin' Donuts v. Sandip the court held that the parent company (Dunkin') could collect attorney fees and cost from a franchisee it sued for improper operations.

The bankruptcy of a limited partner in a partnership dissolves a limited partnership.

The federal government issues certificates of incorporation for corporations with over one billion dollars in assets, if the firm wishes to have federal registration.

Dissolution of a partnership takes place, unless otherwise provided for by contract, in the following instances except:

The document that sets forth the rights and obligations of the franchisor and franchisee is known as the:

Involuntary dissolution of a corporation is usually caused by:

State laws, not federal, concern the forms of business organization.

Unless specified otherwise by contract, each partner's number of votes depends on his percent of total investment in the partnership.

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:

The New York Stock Exchange is an example of a stock exchange where:

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

If a corporation is dissolved voluntarily, the creditors must be paid before the shareholders out of the assets of the firm.

The resolutions that shareholders vote on at shareholder meetings are advisory to the board.

In general, the law in Japan is more favorable to small businesses than it is in the U.S.

The ____, which is required by the Franchise Rule, enables prospective investors to learn about the background of the business.

Which form of business incurs double taxation:

Refer to Fact Pattern 13-1. If Jeanette decides to go into business with her friend Maia, Richard suggests that the two establish a partnership to carry on their business. If they do, this means both: