The corporation is considered to come into existence when: Select one: a

Subject:BusinessPrice:2.86 Bought8

Share With

The corporation is considered to come into existence when:

Select one:

a. the board adopts the bylaws.

b. the officers are chosen.

c. the organizational meeting has commenced.

d. the state accepts the articles of incorporation and issues the charter.

Mike lends money to Kathy as a business loan to Kathy who is capitalizing her start up sole proprietorship named Kathy's Things. If Mike must sue for repayment, he would sue:

Select one:

a. Kathy.

b. Kathy's Things.

c. Kathy and Kathy's Things.

d. no one since the loan makes him a partner.

Voting rights of LLC principals are governed by:

Select one:

a. state law where the LLC is filed.

b. the Uniform Limited Liability Company Act.

c. IRS regulations.

d. the operating agreement.

Frank and Jesse are operating as a general partnership. A question has arisen not covered under their partnership agreement and also not addressed by the Revised Uniform Partnership Act. What will the courts do to resolve the situation?

Select one:

a. dissolve the partnership and allow them to reform

b. look to foreign partnership laws because RUPA encompasses all U.S. partnership law

c. look to the common law

d. look to the UCC for a gap filler

A limited partnership requires:

Select one:

a. at least two general partners.

b. at least two limited partners.

c. a written limited partnership agreement.

d. at least one general and one limited partner.

Lisa and Tara are operating a business as a general partnership without an express partnership agreement. Should a dispute arise, the courts will look to ________ to resolve the issue regarding operation of the partnership.

Select one:

a. the common law

b. state contract law

c. the Revised Uniform Partnership Act

d. federal contract la

The document filed with the state that begins the incorporation process in the majority of states is called the:

Select one:

a. articles of incorporation.

b. declaration of incorporation.

c. statement of incorporation.

d. certificate of incorporation.