Question
1. Tom's Turkeys is owned by Thomas Jeffs, sister Jenny Jeffs, plus 300 other shareholders. A competitor turkey farm in the Wilmington regional area is
1. Tom's Turkeys is owned by Thomas Jeffs, sister Jenny Jeffs, plus 300 other shareholders. A competitor turkey farm in the Wilmington regional area is Heartline Turkeys, which opened in 2009. Anna Graham and Ima Nutt are the sole owners of the company. Anna and Ima are both members and managers of the company. Their company is known for turkeys "raised with love," and the turkeys are very large-sized and priced for major grocery store chains (e.g., Food Lion, Wal-Mart). Of the following, which is false about Heartline Turkeys?
Heartline Turkeys is taxed like a partnership
Anna Graham and Ima Nutt have full personal liability for the busines Anna Graham and Ima Nutt are member-managers, sharing in management and sharing profits and losses in accordance with an Operating Agreement
Heartline Turkeys, in its current form, cannot sell ownership shares on a national stock exchange
QUESTION 9 For Sale: 3.82 Acre lot available in the Dollar General Plaza shopping center. Lot 2 is accessed by a 30 feet access easement that runs across the northern side of the Dollar General store parking lot. Other tenants of the Dollar General Plaza shopping center include Subway and a Pawn Shop. There is an existing 0.92 acre retention pond located at the northeastern corner of the property. There is no other way to get to Lot 2 except by using the easement. See the photos. Do the tenants of the Dollar General Plaza shopping center have the right to block the road leading to Lot 2?
No, because the road to Lot 2 is an easement by necessity
. Yes, because the road belongs to the Dollar General Plaza shopping center, not Lot 2.
Yes, but the tenants of the Dollar General Plaza shopping center could also decide to charge a fee to the owner of Lot 2 to reach the Lot 2 property through the Dollar General roadway.
QUESTION 10 In February 2014, a pipe collapsed under a coal ash dump at the Duke Energy Eden plant, spilling tons of coal ash into the Dan River and coating 70 miles of the river in gray sludge. Duke Energy was not permitted to dump the coal ash into the river. What law did Duke Energy violate?
Clean Water Act
National Environmental Policy Act
Toxic Substances Control Act
Comprehensive Environmental Response, Compensation, and Liability Act
QUESTION 11 Tom's Turkeys is owned by Thomas Jeffs, sister Jenny Jeffs, plus 300 other shareholders. Residents of Wilmington, NC, Thomas and Jenny formed the company twenty years ago under North Carolina laws. Tom's Turkeys made a large profit last year and the company's management team decided to make some real estate investments. If Tom's Turkeys buys a parcel of land in Georgia in order to sell it later at a higher price, is it "doing business" there?
No, because an investment isn't "doing business."
Yes, because the company will have a legal and physical presence in the state
Maybe, but only if Tom's Turkeys earns a profit in Georgia
No, because "doing business" only applies if the company organizes under Georgia law
QUESTION 12 Bud Light lives in a beautiful apartment on the top of his company's building. Bud's penthouse apartment has a living area with bookcases built into the wall next to the fireplace. (see photo) Are the decorative items on the shelves of the bookcases real or personal property?
Real property
Personal property
A license
Trade fixtures that Bud will take with him if he moves
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