Past exam 1

Past exam 1 - BSLW4120/5120 Exam 1 Spring 2007February 15,...

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BSLW4120/5120 Exam 1 Name_________________________ Spring 2007—February 15, 2007 Last 4 digits of ID# _______ Notice: Failure to follow these instructions will result in a loss of points. Fill in the information requested above on this page. Fill in and bubble in your name and ID number on the Scantron answer sheet. No other information is needed on it. Sign the honor pledge statement below: On my honor, as a University of Colorado student, I have neither given nor received unauthorized assistance on this work. Signature:_____________________________________________ During Exam No one may leave the room and return. No questions will be answered about exam questions. Good luck! For multiple choice, fill in the appropriate circle on the answer sheet corresponding to the best answer choice for each question.
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1. Which of the following can come into existence without a filing with the state? a. General partnership only. b. Limited partnership and general partnership. c. Corporation, proprietorship and limited partnership. d. Corporation, limited liability company and limited partnership. e. General partnership and joint venture. 2. Which of the following is/are advantages of Limited Liability Companies over corporations? a. A choice of management structure. b. A choice of the general scheme of income taxation. c. No need to file with the state. d. A and B only. e. A, B and C. 3. The fact that many consumers are risk-averse is an important factor in the rise in: a. Franchises. b. Joint ventures. c. Outsourcing and use of independent contractors. d. Continuation agreements in partnerships. 4. Assume that in a limited liability company, there is a complex situation where there is a question about the liability of the owners to outsiders for actions of the limited liability company. If there is no precedent case addressing the liability of LLC owners in this situation, a court would most likely: a. Not decide the case due to the lack of precedent. b. Look at partnership law in similar situations. c. Look at corporation law in similar situations. d. Not look at any existing law, but analyze the situation and set new precedent. e. Look at federal LLC law. 5. For which of the following is the law relating to agents also applicable when an employee who is not an agent is involved? a. Principal liability for the tort of an agent. b. Agent liability for a contract entered into on behalf of a principal. c. Both A and B. d. Neither A nor B. 6. Apparent authority would occur in which of the following circumstances: a. An agent/employee is terminated but the company continues to distribute brochures that list that person as an agent/employee b. An agent negotiates an authorized deal, but refuses to leave the premises of the third party. c.
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Past exam 1 - BSLW4120/5120 Exam 1 Spring 2007February 15,...

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