14. Elly, Juan, and Phil do business as Sailors Ahoy Rentals. Phil develops a debilitating illness and can no longer work. Phil a. may dissociate from the partnership. b. may not dissociate from the partnership without the other partners' consent. c. must dissociate from the partnership. d. may terminate the partnership.

15. Nat and Ollie are limited partners in Patanella Restaurants, a limited partnership. In terms of the firm's books and information regarding partnership business, Nat and Ollie are entitled to a. access in proportion to their participation in management of the firm. b. access to the parts that directly relate to their capital contributions. c. no access. d. complete an access.

16. Sullie and Jackson, Attorneys at Law is a limited liability partnerships (LLPs). The major features of an LLP are that it limits the personal liability of the partners and a. it allows the partnership to continue as a pass-through tax entity. b. LLP statutes do not vary from state to state. c. it can only do business in the state in which it was formed. d. only a few states have enacted LLP statutes.

17. Hillard Farms is a family limited liability partnership. All of the partners must be a. natural persons only. b. natural persons or persons acting as fiduciaries for natural persons. c. persons acting as fiduciaries for natural persons only. d. related.

18. Nat and Olen are limited partners in Portland Lamps and Lighting, a limited partnership. To avoid personal liability for partnership obligations, they must not a. acquire an interest in the firm. b. contribute property to the firm. c. engage in activities independent of the firm's business. d. participate in the firm's management.

19. The abbreviation "P.A." in the name "Calmare and Peterburg, P.A." means that this organization is a. a private association. b. a professional association. c. a public association. d. a publicly administered corporation.

20. Bertman and Leone, Inc., files its articles of incorporation with the appropriate government agency. Least likely to appear in the articles is the name of a. each of the corporation's incorporators. b. each of the corporation's shareholders. c. the corporation. d. the corporation's initial registered agent.

21. Similar to the bylaws of other corporations, the bylaws of Equity Loans, Inc., a. establish the operating name of the corporation. b. establish the value and classes of corporate stock. c. were adopted at its first organizational meeting. d. were submitted for approval to the public official in charge.

22. Equitable Loans Corporation's articles list an incorrect address for its incorporator. Under this circumstance, Equity Loans is most likely a. a corporation by estoppel. b. a de facto corporation. c. a de jure corporation. d. ultra vires.

23. Dirkwood Contruction, Inc. holds itself out to others as being a corporation but makes no attempt to incorporate. MovethEarth Construction leases construction trucks signs a contract with Dirkwood that is not performed. MovethEarth files a suit against the firm. The court will likely hold that Dirkwood is a. a corporation by estoppel. b. an alien corporation. c. an S corporation. d. ultra vires.

24. Talach, Inc., is a corporation. Talach's implied powers enable it a. none of the choices. b. depart significantly from traditional corporate formalities. c. bind the corporation to an action that will greatly affect its purpose. d. borrow funds and lend funds.