13) A general partner a

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13) A general partner

a.has the right to inspect partnership books and records at all reasonable times.

b.may copy partnership books and records with the consent of the managing partner.

c.may not transfer his/her partnership economic interest without the written consent of all other partners (or partner),.

d.cannot receive a salary from the partnership in addition to his/her share of profits.

 

14.General partners

a.are not personally liable for the debts of the partnership.

b.are personally liable for the debts of the partnership.

c.are liable for the debts of the partnerhip to the extent of their investment in the partnership.

d.must register as such in the state where the partnership was formed.

 

15.In a limited liability partnership (LLP)

a.a partner may avoid liability for the malpractice of other partners.

b.a partner who commits malpractice is automatically expelled from the partnership under the UPA.

c.the maximum number of partners is limited by the law of most states.

d.it is deemed unethical to employ non-professionals.

 

16.A limited liability company(LLC)

a.is a hybrid combining corporate and partnership features.

b.is a type of partnership that must be registered with the state of formation.

c.can own tangible and intangible personal property but not real property.

d.is limited to 100 members by the law of most states.

 

17.A limited liability company

a.is presumed to be member managed.

b.is presumed to be manager managed.

c.may not have members who are foreign nationals under federal law.

d.can have a duration of no more than 25 years under the law of most states.

 

18.A joint venture

a.is identical to a partnership.

b.is a form of limited liability company.

c.is a form of limited partnership.

d.requires two or more persons agreeing to join their efforts to completea single transaction or a series of related transactions.

 

19.A syndicate

a.cannot be incorporated under the law of most states.

b.is a type of criminal(organized crime) organization.

c.is an investment group formed to finance a particular project.

d.is an income tax avoidance device.

 

20.A corporation

a.not being a natural person cannot be held criminally liable.

b.not being a natural person has no civil rights.

c.may be held liable for the criminal acts of its employees.

d.not being a natural person cannot be held liable for torts.

 

21.An S corporation

a.is limited by the law of most states to a maximum amount of capitalization.

b.is a federal income tax concept.

c.is a state law concept, part of each state's corporations statute.

d.is income taxed on all of its income before distributions (if any) of dividends to its shareholdes.

 

22.A close corporation

a.must also be an S corporation.

b.must register with the Securities and Exchange Commission if capitalized at over $10million.

c.with only shares of common stock issued cannot enter into a partnership.

d.is one whose shares of stock are held by relatively few persons.