BUSINESS BMAL 590 week1 Legal Enviroment of Business A blank_____ is created when two or more persons agree to place their money, labor, or skills in a business and to share the profits and losses. A sole proprietorship B general partnership C limited partnership D C corporation A blank_____ corporation is owned by a limited number of shareholders. A public B private C close D none of the responses are correct A member of the board who also serves as an officer is a(n) blank_____ director. A inside B interested C outside D employed The rules that govern the internal operation of a corporation are called the blank_______. A corporate charter B bylaws C articles of incorporation D corporate articles Small corporations can avoid double taxation by electing to be treated as a(n) blank_______. A C corporation B close corporation C LLC D S corporation A blank_____ is a public offer to all shareholders of a corporation to buy their shares at a stated price, usually higher than the market price. A tender offer B leveraged buyout C target bid D merger In a blank_____ merger, the shares in the disappearing corporation are automatically converted into shares in the surviving corporation. A cash out B non-cash C freeze out D liquidation In a blank_____, a stock purchase is financed by debt. A cash out merger B freeze out acquisition C leveraged buyout D none of the responses are correct A partnership is not automatically dissolved upon a partner’s blank______, and the partners holding a majority of the partnership interests may elect to continue the general partnership. A death B bankruptcy C withdrawal D all of the responses are correct The blank_____ doctrine prevents a third party who acts as if it were doing business with a corporation from later claiming that the corporation is not really a corporation. A de jure corporation B de facto corporation C corporation by estoppel D alter ego Which of the following statements is NOT true regarding the advantages and disadvantages of a sole proprietorship? A A sole proprietorship can be created without formal agreements or state filings. B The proprietor reports income from the business on a personal tax return. C The proprietor alone bears liability for the losses. D It is usually easy for sole proprietorships to raise capital. Which of the following statements is NOT true regarding limited partnerships? A General partners of a limited partnership remain jointly and severally liable for partnership obligations. B Limited partners assume no liability for partnership debts beyond the amount they have contributed. C Limited partners are responsible for the management of the partnership. D Limited partnerships are often used to raise capital. Which of the following requirements is NOT required by a corporation to qualify for S corporation status? A The corporation must have only one class of stock. B The corporation must file a timely election to be treated as an S corporation. C The corporation must have no more than twenty-five shareholders. D The corporation generally may not own more than 80 percent of another corporation. A blank_____ combines the tax advantages of a pass-through entity with the limited liability advantages of a corporation. A limited liability company B de jure corporation C joint venture D general partnership The blank_____ set forth the steps that must be taken to establish a corporation in that state. A Uniform Federal Rules B corporate statutes of each state C corporate bylaws D none of the responses are correct If incorporators cannot show substantial compliance with statutes regarding incorporation but can show that they were unaware of any defect and acted in good faith, a court may treat the entity as a(n) blank_____. A de jure corporation B real corporation C de facto corporation D equitable corporation A blank_____ is created when two or more persons agree to place their money, labor, or skills in a business and to share the profits and losses. A sol…

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