IS F) H J 3 Save 5 Business Law and Regulations 1. X, Y and Z are partners in ABC Company. The company borrowed 2M from D. After 2 years X left ABC Company, the remaining partners decided to change the name of ABC Company to CBA company and admitted M as a new partner. D asked CBA Company to pay him 2M. CBA Company refused to pay D because according to it when X left the ABC Company the partnership has automatically been dissolved and is not liable for latter's debts. Is the contention of CBA Company valid? Explain your answer. 2. Mr. Z is one of the board directors of ABC Corp, a corporation engaged in selling clothes. Without the consent of the other board directors, Mr. 2 bought several sewing machines for the corporation. Is the act of Mr. 2 valid?. Explain your answer. 3. A is a shareholder in XYZ Corporation. A sold his share to D. When D informed the XYZ Corporation, the latter refuses to acknowledge the sale because according to its Board of Directors they were not informed by A that his share was sold to D. Is the contention of )(Y2 Corporation correct? Explain your answer. 4. A is the President of ABC Corporation. He owns 99 % shares of the company. D, one of ABC Corporations creditors, sued A for collection of sum of money in the amount of 20M. According to D, since 99% percent of the shares of ABC Corporation are owned by D, the latter is the owner of the corporation and may be sued directly for the collection of corporate debts. Is the contention of D correct? 5. What is the Doctrine of Piercing the Veil of Corporate Entity? Explain and give one example. III/2 > @ 1 2 I Save ... 6. What are the classifications of corporation? 7. What are the advantages and disadvantages of a corporate form of business? 8. Differentiate a corporation from partnership. 9. What are the attributes of a corporation, explain each. 10.If given the opportunity, what would you choose to form, a corporation or a partnership? Why? RUBRIC CRITERIA PERFORMANCE POINTS INDICATOR Completenes Answers the specific question 5 that was asked. Answered the entire question, not just a part of it. Structure Response to each question is 3 well organized and clearly written. Writing skills Answer is clearly written, in 2 complete sentences, with minimal errors in grammar and spelling TOTAL 10