1. Which of the following is true of a corporation? 2. There are two general partners, each of whom

1. Which of the following is true of a corporation?

 

2. There are two general partners, each of whom contributes $5,000 in capital to a limited partnership. There are two limited partners, each of whom contributes $20,000. The total amount of capital contributed is $50,000. The limited partnership agreement does not stipulate how profits and losses are to be allocated. Assume that the limited partnership makes $300,000 in profits. Under the Revised Uniform Limited Partnership Act (RULPA), how much would each partner receive?

 

3. Which of the following is true regarding mediation?

 

4. George has served Mary with a complaint alleging breach of contract. Mary has never been sued before and as such, she seeks your advice on what to do with the complaint. You advise that she

 

5. Which of the following is true of arbitration?

 

6.Which of the following is one of the major purposes of a settlement conference?

 

7. What is the effect of having a corporation as the general partner of a limited partnership?

 

8.Which of the following is true about the choice of business entity for an entrepreneur?

 

9.Which form of alternative dispute resolution occurs when the parties choose an impartial third party to hear and decide their dispute?

 

10. Fred and Ginger are general partners in a business. They decide to purchase a building for the partnership. Ginger will put up the money for the building, and Fred will complete the remodeling. While inspecting the building, Fred is informed that the building is packed full of asbestos. He fails to tell Ginger of the presence of the substance. They buy the building and go into business. During the remodeling of the building, people from the neighborhood begin complaining about the dust from the building. Some of them even threaten to sue. Who is liable?

Fred is liable because he was put on notice of the presence of the substance. Ginger is not liable because she did not have actual knowledge.

 

11. Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the shop because business was so bad. At that time, the business assets totaled $50,000, but the business liabilities totaled $125,000. Which of the following statements is true?

 

12. Which type of business formation is typically reserved for professionals such as accountants, lawyers, and doctors?

 

13. Which of the following is true in the creation of a general partnership?

 

14. Which of the following is true of The Federal Arbitration Act?

 

15. When parties agree in advance to adhere to an arbitrator’s decision and award, it is known as

 

16. The Black Squirrel limited partnership has been in operation for many years, but has recently fallen on hard times. The partners have decided to dissolve, although there are few assets remaining in the partnership. Shortly after the partnership filed its certificate of limited partnership, the partners had the foresight to incorporate into their partnership agreement a provision that, in the event of dissolution, the assets would be distributed in payment of claims first to limited partners, then to general partners, then to creditors. Hilda is a limited partner and feels relieved that she will receive at least a portion of her capital. Henry, one of the general partners, said that this provision is void and unenforceable. Which of the following best describes this situation?

 

More Questions

1. An entrepreneur can form a business with only one owner under which of the following forms?

 

2. Which of the following statutes amended the National Labor Relations Act?

 

3. The DEF Corporation is incorporated in Texas. It wishes to do business in Oklahoma. Before DEF can legally do business in Oklahoma, which of the following must it do?

4. The Black Squirrel limited partnership has been in operation for many years, but has recently fallen on hard times. The partners have decided to dissolve, although there are few assets remaining in the partnership. Shortly after the partnership filed its certificate of limited partnership, the partners had the foresight to incorporate into their partnership agreement a provision that, in the event of dissolution, the assets would be distributed in payment of claims first to limited partners, then to general partner, then to creditors. Hilda is a limited partner and feels relieved that she will receive at least a portion of her capital. Henry, one of the general partners said that this provision is void and unenforceable. Which of the following best describes this situation?

 

5. which of the following is true regarding the liability of the partners in a limited partnership?

 

6. A principal gives an agent express authority to “get his car running right” the authority that the agent has to enter into contract for the purchase of auto parts is:

 

7. Which is true about employers and solicitations of employees by unions?

 

8. As the Wyoming Tetons are playing the Missouri Ozarks in a baseball game, a fan who is sitting near the Tetons dugout starts yelling at Micky Macho, one of the relief pitchers, that his pink minivan makes him look like a suburban family man, Macho, because he feels insulted, picks up a nearby bench and throws it at the fan, who gets injured by this action. The fan then sues the Tetons. The fan could recover from the Tetons:

9. Mary goes to work for Rocky Mountain Company which has a pension plan requiring her to work at least 10 years in order to be entitled to her benefits if she quits. This is a violation of:

 

10. Which of the following is true about removing a member of the board of directors from the board before that directors term is over?