Exam 14: Business Organizations

One of the newer trends in corporate governance is the concept of say-on-pay. What is say-on-pay and how does it affect corporate governance?

Identify the degrees of liability and taxation faced by an LLC.

In the current business environment, corporate boards are less likely to engage shareholders in governance decisions.

You have been asked to join a partnership. What must you consider when choosing to become a general or limited partner?

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

What are some of the business activities a limited partner may engage in?

Which of the following is a disadvantage of partnerships?

How is a corporation form of organization identified with regard to where it has been incorporated?

Whenever two or more people wish to own a business together, a joint venture is a possible organizational form.

Explain the degree of control enjoyed by a sole proprietor.

Which of the following forms of organization is most easily formed at minimal costs?

Criminal prosecutions for corporate wrongdoing are rising, given the current trend of business environment.

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

How continuous is a partnership form of business organization?

To prevent problems that may arise when a partner dies or withdraws from a partnership, the articles of partnership should include a(n):

What factors should be considered when selecting the best organizational form for a particular business?

Disadvantages of the corporate form of organization include:

Which of the following is an activity that a limited partner may NOT engage in?

How can business organizations be classified based on the number of persons who own them? Give one example of each.

Explain the term "creation" as a factor considered when selecting a business organizational form.