A partnership arises from an agreement between two or more parties to carry on a business for profit.

Group of answer choices

True

False

Flag question: Question 2

Question 21 pts

Stefani and Tyler agree in an exchange of e-mail to form a partnership to buy and sell real property. Their partnership agreement is legally binding

Group of answer choices

only if a copy of the agreement is filed in the appropriate state office.

only if the agreement is printed in hard copy and signed by the parties.

only if the parties exchange valid consideration.

without more.

Flag question: Question 3

Question 31 pts

Dissolution of a partnership can be brought about only by operation of law.

Group of answer choices

True

False

Flag question: Question 4

Question 41 pts

In a limited partnership, a limited partner has the right to participate in the day to day operation of the partnership.

Group of answer choices

True

False

Flag question: Question 5

Question 51 pts

Members of a limited liability company are not allowed to participate fully in management activities.

Group of answer choices

True

False

Flag question: Question 6

Question 61 pts

The liability of the members of a limited liability company for the firms debts and obligations is unlimited.

Group of answer choices

True

False

Flag question: Question 7

Question 71 pts

A corporation enjoys many of the same rights under the law that natural persons enjoy.

Group of answer choices

True

False

Flag question: Question 8

Question 81 pts

To pierce the corporate veil is to disregard the corporate entity and hold the directors liable for a corporate obligation.

Group of answer choices

True

False

Flag question: Question 9

Question 91 pts

An S corporation qualifies for special income tax treatment.

Group of answer choices

True

False

Flag question: Question 10

Question 101 pts

The acquisition of a share of stock makes a person a shareholder, but not an owner, of a corporation.

Group of answer choices

True

False

Flag question: Question 11

Question 111 pts

Sharon is a shareholder in Travel Adventures Inc. As a shareholder, Sharon

Group of answer choices

must approve fundamental changes affecting the corporation.

is responsible for the corporations daily management.

none of the choices.

is personally liable for the corporations debts.

Flag question: Question 12

Question 121 pts

The board of directors hires the corporations officers.

Group of answer choices

True

False

Flag question: Question 13

Question 131 pts

The primary function of a corporations officers is to authorize major corporate policy decisions.

Group of answer choices

True

False

Flag question: Question 14

Question 141 pts

Initiating and negotiating the sale and lease of corporate assets outside the regular course of business is a responsibility of the corporations

Group of answer choices

board of directors.

high-level managers.

chief executive officer.

shareholders.

Flag question: Question 15

Question 151 pts

The Securities Exchange Act of 1934 requires that a regulated corporation make periodic disclosures about its organization and financial situation.

Group of answer choices

True

False

Flag question: Question 16

Question 161 pts

In a merger, the surviving corporation assumes all of the assets and liabilities of the disappearing corporation.

Group of answer choices

True

False