Deck 11: Business Organizations

Question 1

A LLC can easily be sold or transferred.

Answer 1

False

Question 2

In Zuckerman v.Antenucci the jury found:

A)Pena guilty of malpractice in his treatment.
B)Antenucci not-guilty of malpractice in his treatment.
C)Pena and Antenucci were liable for malpractice.
D)All of the above.

Answer 2

D

Question 3

RULPA is an acronym for:

A)Recommended Unilateral Longated Partnership Administration.
B)Remonstrated Unified Listed Program Activities.
C)Revised Uniform Limited Partnership Act.
D)None of the above.

Answer 3

C

Question 4

General partners are personally liable for the debts and obligations of the partnership.

Question 5

A partnership may exist:

A)For a fixed term.
B)For a set time period.
C)Until some event occurs.
D)All of the above.

Question 6

The initials "d.b.a." stand for:

A)Don't bother anyone.
B)Done business already.
C)Doing business as.
D)Did but all.

Question 7

The certificate of limited partnership must be filed with the local city government.

Question 8

A business must meet how many criteria to qualify as a partnership under the Uniform Partnership Act?

A)1
B)2
C)3
D)4

Question 9

General partners of a limited partnership have:

A)No liability.
B)Limited liability.
C)Unlimited liability.
D)All of the above.

Question 10

The agreement to form a partnership may be:

A)Oral.
B)Written.
C)Implied.
D)All of the above.

Question 11

The following may be general or limited partners:

A)Natural persons.
B)Partnerships.
C)Corporations.
D)All of the above.

Question 12

A corporation is the simplest form of business organization.

Question 13

Limited partners participate in the management but not in the financing of the partnership.

Question 14

The sole proprietor faces limited liability for contracts and torts of the company.

Question 15

A business may be a (UPA)partnership if its purpose is non-profit.

Question 16

Under the UPA,partners have joint and several liability for torts.

Question 17

Under RULPA,two or more persons must execute and sign a certificate of limited partnership.

Question 18

Business organizations include all but the following:

A)LLP.
B)LLC.
C)Free-association.
D)Sole proprietorship.

Question 19

A partnership agreement can never be created inadvertently.

Question 20

This is not an advantage of a sole proprietorship:

A)Forming the company is easy and low cost.
B)The sole proprietorship is not responsible for the company's contracts or torts.
C)The sole proprietor makes all of the decisions.
D)The sole proprietor receives all of the profits.