32-Mark and James established a partnership firm dealing with textiles. Both of them contributed equally to the partnership during establishment. However, two years later James sold his share of the firm to Mike. Which of the following is legally permissible in such a scenario?

Mark can sue Mike for buying the firm from James.

Mark can sue James and reclaim the other half.

James is entitled to keep the money he received from Mike.

Mike can claim nondisclosure and reclaim the money from James.

33-Which of the following is a right of a partner?

Right to deny drawings to other partners

Right to deny advances to other partners

Right to inspect the books at all times

Right to protect oneself from company losses

34-Which of the following should be contained in any article of partnership?

Biographical details of each partner

Each partner's personal address

Names of every partner's guarantor

Amounts of withdrawals of money

35-Which of the following is true of limited liability companies?

An LLC is a legal entity indistinct from its members.

An LLC cannot be a manager-managed business entity.

An LLC can be sued by third-parties as a separate entity.

An LLC cannot enter into contracts under its own name.

36-Which of the following is true of stock?

Preference stock cannot be sold by the owner without the company's permission.

An unregistered owner of stock is not entitled to dividends.

Stock cannot be bought before incorporation.

An owner is not allowed to present his stock as a gift to another.

37-The _____ of a corporation is the declared money value of its outstanding stock.

capital stock

unit stock

preferred stock

inventory stock

39-Of the following people, who would be considered a subscriber?

A person who buys stock in a proposed corporation

A person who buys journals and publications from a corporation

A person who buys assets from a corporation

A person who initiates steps to form a corporation

40-Which of the following is prohibited 90 days prior to filing a bankruptcy petition?

A debtor clearing his debts to one creditor while ignoring others

A debtor receiving valuable property from relatives and friends

A debtor selling his assets to liquidate them

A debtor inheriting ancestral property