Exam5_Study_Ch11 19 21 24.docx - 1 Corporations must incorporate in the state where their headquarters are located a True b Fals e ANSWER False POINTS 1

Exam5_Study_Ch11 19 21 24.docx - 1 Corporations must...

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1. Corporations must incorporate in the state where their headquarters are located.a. Trueb. FalseANSWER: FalsePOINTS: 1DIFFICULTY: EasyNATIONAL STANDARDS: United States - BUSBROG: - AnalyticACCREDITING STANDARDS: DISC: - AICPA: BB-LegalTOPICS: 19-15a Where to IncorporateKEYWORDS: Blooms: Comprehension2. A creditor of a sole proprietorship may seek recovery only from business assets of the sole proprietorship, not from personal assets of the sole proprietor.a. Trueb. FalseANSWER: FalsePOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSBROG: - AnalyticACCREDITING STANDARDS: DISC: - AICPA: BB-LegalTOPICS: 19-1 Sole ProprietorshipsKEYWORDS: Blooms: Comprehension3. A partnership may acquire property in its own name.a. Trueb. FalseANSWER: TruePOINTS: 1DIFFICULTY: EasyNATIONAL STANDARDS: United States - BUSBROG: - AnalyticACCREDITING STANDARDS: DISC: - AICPA: BB-LegalTOPICS: 19-2 General PartnershipsKEYWORDS: Blooms: Comprehension4. An S corporation cannot have more than one class of stock.
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DISC: - AICPA: BB-LegalTOPICS: 19-7b S CorporationsKEYWORDS: Blooms: Comprehension5. If a sole proprietorship operates under a fictitious business name, then that name must be registered with the state.DISC: - AICPA: BB-LegalTOPICS: 19-1 Sole ProprietorshipsKEYWORDS: Blooms: Comprehension6. In a joint venture, the authority of one member to bind the partnership is more limited than in a general partnership.DISC: - AICPA: BB-LegalTOPICS: 19-3 Joint VenturesKEYWORDS: Blooms: Comprehension7. A partnership requires a minimum amount of capital in order to be formed.DISC: - AICPA: BB-Legal
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8. Federal law governs the obligations, if any, that members of a limited liability partnership owe to creditors.DISC: - AICPA: BB-LegalTOPICS: 19-4 Limited Liability PartnershipsKEYWORDS: Blooms: Comprehension
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