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Question 1 (1 point) Tom and Jerry created a General Partnership in Carson, California. Which of the following is optional with reference to creation of a general partnership? File a mandated city license. File a Statement of Partnership Authority with the California Secretary of State File Articles of Organization with the California Secretary of State File Articles of Incorporation with the California Secretary of State Question 2 (1 point) Directors in a corporation have a fiduciary duty that includes duty of care only the Business Judgment Rule duty of loyalty and duty of care piercing the corporate veil. Question 3 (1 point) The owners of an LLC are called partners. True False Question 4 (1 point) The relationship between executives and a corporation is based on a contract bylaws operating agreement Question 4 (1 point) The relationship between executives and a corporation is based on O a contract bylaws operating agreement O articles of operation Question 5 (1 point) Carol and Tom want to form a LLP for their jewelry business. Can they form an LLP under California law? Yes No Maybe It depends if they are licensed to be jewelers. Question 6 (1 point) Kim, Barbara, Kathy, and Sally form a general partnership but do not adopt a partnership agreement. Kim and Kathy do all the management work. Sally established the partnership and came up with the idea. Under the law, each partner shares what interest with reference to management and profits? All share a 1/4 interest Kim and Kathy share 1/3; Sally the remainder because it was her idea. All share 1/15 interest Kim, Kathy and Sally share 1/3 and Barbara has no interest Question 7 (1 point) Bonds are referred to as equity securities preference securities debt securities venture securities Question 8 (1 point) Gabe, Harry and Ida are members of Watches, LLC. How can their LLC be managed? Member-managed or Executive-managed Manager-managed or Director-managed Executive-managed or Director-managed O Member-managed or Manager-managed Question 9 (1 point) An advantage to a sole proprietorship is limited liability. True False Question 10 (1 point) Which of the following is NOT a type of franchise? Distributorships Limited Partnership Processing Plant arrangements Chain-style operations Chain-style operations Question 11 (1 point) The relationship between a franchisee and franchisor is based on bylaws disclosure agreement franchise contract 0 articles of organization Question 12 (1 point) The advantage of a limited partnership is that it can be taxed as a partnership or as a corporation. True False Question 13 (1 point) Which of the following is filed by a LLC with the Secretary of State in California? Articles of Organization Bylaws o Operating Agreement Articles of Incorporation Question 14 (1 point) A limited partnership has general partners only one or more members and one or more limited partners Question 14 (1 point) A limited partnership has O general partners only O one or more members and one or more limited partners limited partners only one or more general partners and one or more limited partners Question 15 (1 point) A promoter that enters into pre-incorporation contracts is personally liable unless the corporation assumes liability via contract after incorporation True False Question 16 (1 point) Sue is negotiating a contract to become CEO of June, Inc. Sue wants to know if there is any protection she should negotiate to protect her personal assets. Which of the below will NOT protect Sue with reference to personal liability as a CEO? Exculpatory clause Business Judgment Rule D & O Insurance O Piercing the Corporate Veil Question 17 (1 point) Shareholder must approve any fundamental changes affecting the corporation. True False Question 18 (1 point) False Question 18 (1 point) Shareholders hire executives. True False Question 19 (1 point) A benefit corporation is a nonprofit entity needing 501(c)(3) tax status. a certification program that needs to be approved by B Corp. prior to using. a for profit entity formed to benefit the public and have a material positive impact on society. a corporation that must file bylaws with the California Secretary of State Question 20 (1 point) In general, the first organization meeting of corporation is held before incorporation after incorporation at the first annual meeting of shareholders. at special meeting of the board of directors