BUS 242. Exam I Part II (Modules 15-21).doc

BUS 242. Exam I Part II (Modules 15-21).doc - BUS 242-Exam...

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BUS 242-Exam I (Modules 15-21)-Part II Short Answer/Essay (50 points) Responses to the questions should be in a font color different from the question. Name Date True/False (with corrections) -For each statement below, please select whether the statement is true or false. Secondly, for each statement false, make the statement true. (3 points each) 51. Compared to other business entities, a general partnership requires filing complex documentation with the secretary of state’s office before it is authorized to do business. FALSE General partnerships can be formed without filing legal documents with the state. However, is authorized to check with the Secretary of State in the state where your business is located to ensure that there are documents that must be filed in order to begin the legal existence of the partnership. There is an agreement which provide information concerning contribution of each member, what can happen in case one member quits the partnership and also the division of labor in the business. 52. The limited liability partnership is often an attractive option for professional associations such as law firms, accountants and medical doctors. TRUE In limited liability partnership, it is a form of organization which is controlled by a group of professionals who have experience in the field. Through their extensive knowledge they are able to utilize resources hence growth of the partnership. Therefore professionals from different departments such as law firms, medical doctors and accountants can ran the business. 53. A limited partner risks personal liability when he or she actively participates in the management of partnership affairs. FALSE Limited partner is a core owner in the business organized as limited partnership who (unlike a general partner) does not participate in the management of the firm and has limited personal liability for the firm's debts. Therefore he/she is not authorized to participate in the management team.
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Essay-to be typed and numbered on separate sheet of paper. 54. What does the act of state doctrine assert? (worth 5 points) The act of state doctrine asserts that every sovereign state is set to respect the act of self-rule of all other independent sovereign state therefore courts are not allowed to make judgment on government acts concerning other states in their own state.it is a principle which is applied in America while dealing with foreign countries in order to respect their sovereignty and protect U.S executive in case of foreign affairs. This state doctrine was considered when sovereign state exploited U.S resources in the other state territories where they present the issue to the executive to solve instead of using their government act to claim their resources.
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