Exam 14: Business Organizations

While selecting a name for a partnership,if the name is other than that of the partners,the partners must give notice as to their actual identity under the state's ______.

Which of the following organizations is equally managed by the members unless a manager is designated?

Briefly discuss the advantages of an S corporation.

Partnership is the most easily formed business organization compared to other forms of business organizations.

Which of the following is an advantage of a sole proprietorship?

The crucial issue with the continuity factor of a business's organizational form is

Technically,a(n)______ is an agent appointed by a shareholder for the purpose of voting the shares.

A limited partner may assign his or her interest to another without dissolving the limited partnership.

The owners of limited liability companies are called ______.

Family-owned and family-operated businesses are common examples of publicly held organizations.

Briefly explain how publicly held corporations are controlled by management.

The three basic forms of business organizations are limited partnerships,S corporations,and limited liability companies.

Which of the following statements is true of an S corporation?

Are partnerships taxable entities? Briefly explain.

What are the advantages of the corporate form of organization?

What must a corporation do if it wishes to conduct business in states other than the state of incorporation?

Which of the following makes sole proprietorship a less desirable form of organization?

Briefly explain sole proprietorship in terms of its continuity.

When a business is publicly held by a large number of owners,the form of organization usually is a corporation.

A corporation created under the authority of a foreign country may be called a(n)______.