business law questions (multiple choice & case question)

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13. beatrice withdrew from a partnership but failed to notify any of the other partners except tom who did not have an opportunity to notify the other partners. simultaneous to beatrice's notifying tom, susan, another member of the partnership, made an authorized contract with a third party. regarding that contract made by susan, beatrice is:
a. not bound because she had withdrawn from the firm.
b. bound because she failed to notify susan of her withdrawal.
c. not bound because withdrawal from the partnership caused its dissolution.
d. bound because one may not withdraw from a partnership without the consent of one's partners.





14. if a bank lends money to a business it is advisable that:

a. the bank gets the officers, directors and owners to sign a guaranty to pay the loan back;
b. secure the loan with a security agreement on the business’ property;
c. file a ucc notice on public record to place the world on notice of this security interest;
d. all of the above;
e. none of the above.



15. a limited liability company:
a. is recognized in every state.
b. has no restriction on the number of owners (members).
c. is taxed in a manner similar to that of a corporation.
d. exposes at least one owner (member) to unlimited liability.




16. perpetual succession with respect to a corporation means that the corporate:
a. charter states that the corporation is to last indefinitely.
b. charter states that the corporation shall last for a stated number of years.
c. charter states that the corporation shall last for a stated number of years, with a right to extend the corporate existence indefinitely.
d. existence is not affected by changes in stock ownership regardless of whether the charter states that the corporation is to exist indefinitely or for a limited period of time.




17. a limited liability company may be treated as a partnership if:
a. such an election is made on an internal revenue service form.
b. such an election is made in the operating agreement.
c. such an election is made in the articles of incorporation.
d. a majority of the members petition the internal revenue service.


19. a shareholder in a business corporation ordinarily is not personally liable for:
a. unpaid rent for the property leased to the corporation.
b. unpaid wages of employees of the corporation.
c. any part of the subscription price of the shareholder's stock that has not been paid.
d. dividends received by the shareholder that were improperly paid out of capital.


20. under consumer protection statutes, business which act unlawfully can be:

a. sued for compensatory damages;
b. sued for punitive damages;
c. sued for treble punitive damages if it is an antitrust activity;
d. all of the above.
e. none of the above


21. hint: this question tests your knowledge on business entities. in this question, do not address insurance whatsoever (assume it does not exist to protect sue or any other person). also, do not address joint ventures, franchises or licenses.

sue is an owner in a trash collection and disposal business entity. one of this business en-tities’ trucks accidently backs over a tree and destroys it. the owner of the tree wants to sue for loss of the tree. sue is protected from personal liability if she was operating in what three business entities and explain why for each:






22. explain why the following statements are true (your answer must show me you understand the legal principals involved in each statement):


(a) all limited liability partnerships are general partnerships but not all general partnerships can be limited liability partnerships-----why?



(b) all kinds of partnerships are “pass through” entities, while an limited liability company “maybe” a “pass through” entity…..why?
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