Exam 12: Business Organizations

Which of the following apply to a sole proprietorship:

In In re 1545 Ocean Avenue, LCC, where the two managers of a real estate development limited liability company disagreed about the project and one of the managers, King, sued for work to stop and the company to be dissolved, the appeals court held that:

A general partnership is a business organization made up of four or more persons called limited partners.

Refer to Fact Pattern 13-1. Jeanette and Maia form a partnership. Their business is successful, but after a few years Maia decides she wants to quit and sell her partnership share to another financial manager, with Jeanette's approval. What will the legal consequences of this act be?

There are two types of dissolution of a corporation:

At a shareholder meeting, there must be:

Most states have passed a Uniform Limited Partnership Act.

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:

To get the right to sell goods or services associated with a franchisor's trademark, trade name or trade dress, the franchisee must pay a(n):

Refer to Fact Pattern 13-1. An advantages for Jeanette of incorporating is that:

Professional corporations allow doctors and other professionals to be exempt from tort suits for malpractice.

The termination of a corporation:

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

Which state was the first to regulate franchises:

Proprietorships must file a federal tax return in the name of the business, if there is positive income.

Certificates of limited partnership must include information bout the contributions of each partner.

There are ____ businesses in the United States.

Dissolution of a corporation:

In the final dispersal of the assets of the limited partnership, creditors' rights:

If a shareholder supplies needed material to the business then he: