Business Law exam 5 - Business Law exam 5 User Robin...

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Business Law exam 5 User Robin Juratovac Submitted 10/19/10 2:38 PM Name Exam 5 Status Completed Score 112 out of 120 points Time Elapsed 1 hour, 7 minutes, and 53 seconds out of 2 hours and Instructions Select the most correct answer. There is only one correct answer for each question. Question 1 4 out of 4 points Small corporations can avoid double taxation by electing to be treated as a(n) Answer Selected Answer: S corporation. Correct Answer: S corporation. Question 2 4 out of 4 points Which of the following statements is not true regarding the advantages and disadvantages of a sole proprietorship? Answer Selected Answer: It is usually easy for sole proprietorships to raise capital. Correct Answer: It is usually easy for sole proprietorships to raise capital. Question 3 4 out of 4 points Which of the following is not true regarding limited partnerships? Answer Selected Answer: Limited partners are responsible for the management of the partnership. Correct Answer: Limited partners are responsible for the management of the
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Question 4 4 out of 4 points State laws usually permit a ____ to significantly depart from corporate formalities. Answer Selected Answer: close corporation Correct Answer: close corporation Question 5 4 out of 4 points A ____ combines the tax advantages of a pass-through entity with the limited liability advantages of a corporation Answer Selected Answer: limited liability company Correct Answer: limited liability company Question 6 4 out of 4 points The ____ set forth the steps that must be taken to establish a corporation in that state. Answer Selected Answer: corporate statutes of each state Correct Answer: corporate statutes of each state Question 7 4 out of 4 points A corporation can conduct business as a ____ in states other than its state of incorporation. Answer
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This note was uploaded on 01/30/2012 for the course BUL 329213 taught by Professor Singletary during the Spring '11 term at Florida State College.

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Business Law exam 5 - Business Law exam 5 User Robin...

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