done in 1 hr!! plz help me out thanks!!

Question 16 1 pt You and your SJSU roommate have started a successful business. Both of you are owner operators with modest salaries. At the end of the year the business made a lot of money. Both of you would like to receive more money. The business is a "C" corporation with the two of you controlling all corporate positions. To get access to the money you: Need only write checks to yourselves. It's your money Have the Board of Directors meet and declare a dividend. Get a loan from the bank. Dissolve the business and create a new form of organization for the business. None of the above Question 17 1 pts You and your family own a business which is a corporation. The business is making money, but all of the family member owners are also paying a lot in taxes: 39.5% of income of each goes to Federal income taxes and 11.5% goes to California state income taxes. To reduce taxes you come up with the idea of having the corporation pay the personal expense of its owners thereby reducing income taxes while still enjoying the money. The plan is: O O OOO A good plan because it reduces taxable income to the family members. A good idea because it reduces the restaurant's taxable income. A bad idea because the government needs all the taxes it can get. A bad idea because if the corporation becomes insolvent, the owners may be liable for the corporate debts. None of the above. Question 18 1 pts The form of entity which best provides the protection of limited liability and avoids the problems of "Double Taxation" is: A "C" corporation "Sub 5* Corporation General partnership Limited partnership None of the above. Question 19 1 pts A"private placement" memorandum addresses: Hiring new employees Hiring subcontractors Obtaining outside investments Promoting employees in a private as opposed to a public corporation None of the above. Question 20 1 pts The "Alter Ego" doctrine is: An equitable doctrine whereby the liability of a corporation to its creditors can, if the necessary requirements are shown, be placed on its shareholders A legal doctrine addressing corporate formation A job function of a corporation's president An accounting doctrine related to taxes None of the above. D Question 21 1 pts Underwriters as it relates to publicly traded corporations: Help provide bank loans Help finance personal property Help provide liquidity and a market for the corporation's stock Regulate and decide whether stock can be sold to the public None of the above. All of the above 1 Question 22 The Securities and Exchange Commission among other things: Issues "Blue Sky' securities law Regulates general partnerships The Federal agency in charge of approving "Registration Statements" The state regulatory corporation's board None of the above Question 23 1 pt The state of Delaware from a management point of view has: OOOOO A shareholder friendly corporation's code Extraordinary regulations on taking a corporation public A management friendly corporations code Outlawed Limited Liability companies None of the above. Question 24 1 pts A Limited Liability Company also known as an "LLC" is: A Limited Liability Company also known as an "LLC" is: Is a relatively new form of organization blending the ease of doing business as a general partnership with the limited liability of a corporation A form of organization chosen for its tax savings aspects A type of business organization not recognized in California but used in most other states None of the above. Question 25 1 pts A licensed subcontractor of a contractor who is remodeling your business is not paid for the work done on your property. You only have a contract with your contractor and not your subcontractor. Which is true? A licensed subcontractor of a contractor who is remodeling your business is not paid for the work done on your property. You only have a contract with your contractor and not your subcontractor. Which is true? In addition to potential lien rights, the subcontractor can sue and recover from you as a Third Party Beneficiary because the subcontractor is an incidental beneficiary The contract with the contractor is void since no payment was made to the subcontractor OC None of the above. Question 26 Generally, all contracts are assignable unless: The contract is a personal services contract The contract has a valid covenant regarding restraints against alienation The contract is covered by the statute of frauds A&C A&B B&C Question 27 1 An option contract is akin to: An irrevocable offer A revocable offer Not an offer, but an implied contract An executed offer None of the above. Question 28 1 If a contract is fully performed the contract is Executed Executory Completed Revocable None of the above. Question 29 1 pt You are buying your first business property. You want to inspect the property before buying it. You should include a provision in the contract allowing for inspection of the property and have it written as a: Covenant Promise Condition concurrent OOO Condition subsequent Condition precedent Question 30 You business buys component parts for the equipment you manufacture. Your vendor does not perform under the valid contract you have with the vendor. You buy elsewhere at a higher price. Which of the following is true? You have covered and you have no damages. You have covered and have damages measured by the cost of cover You can specifically enforce the contract None of the above