Business Organizations

Front 1

Special type of attorney document even after certain capacity.

Back 1

Durable power of attorney.

Front 2

An agency relationship should not be created:

Back 2

Without principles knowledge or consent

Front 3

May an apparent agency exist if its third party negligent

Back 3

True.

Front 4

The principals duty to the agent do not include the duty to excersise reasonable care

Back 4

False

Front 5

A principle is not liable for the torts of his or her agent I'd:

Back 5

Principal is not liable if unrelated to agency relationship

Front 6

Disputes concerning agency law are commonly

Back 6

True

Front 7

A power of attorney need not be in writing

Back 7

False

Front 8

An agency may be created

Back 8

True

Front 9

Number of sole proprietorships are

Back 9

Greater than corporations

Front 10

The sole proprietors liability for his or her own employee

Back 10

Both 2 and 3 sole proprietor and agent

Front 11

EIN

Back 11

Filed with DFI

Front 12

Sole proprietors may transfer his or her own business to another individual

Back 12

False

Front 13

Sole proprietors certificate must be attained from DFI before transacting business

Back 13

False

Front 14

A partnership is not required to have:

Back 14

A written agreement

Front 15

Partners do not have the right to inspect books of partnership

Back 15

False

Front 16

Partners do not have right to participate in management of the partnership

Back 16

False

Front 17

A ______ is a type of buisness organization

Back 17

Joint venture

Front 18

Actions that do not require consent of partners are:

Back 18

Better part of ordinary course of business

Front 19

Property is purchases with partnership assests

Back 19

True

Front 20

A corporation can be a partner in a partnership

Back 20

True

Front 21

A partnership agreement may provide for unequal distribution of assets

Back 21

True, next ones false

Front 22

Creditors may attack personal property of a insufficient to cover

Back 22

True

Front 23

Partnership agreement may specify no right for managment

Back 23

True

Front 24

Both GPs and LPs must include at least one GP

Back 24

True

Front 25

LPs are taxed as seperatr entity

Back 25

False

Front 26

Withdraw of GP caused for dissolution of an LP

Back 26

True

Front 27

A GP of an LP may be held personally responsible for own wrongdoings

Back 27

True

Front 28

What do LLCs articles of organization not have to include?

Back 28

Names and addresses of managers

Front 29

What is the main source of law for an LLC

Back 29

State law

Front 30

Can an LLC be taxed as a partnership

Back 30

True

Front 31

When is an LLC actually formed ?

Back 31

When articles are filed with DFI

Front 32

Assets of an LLC are owned by whom?

Back 32

The LLC itself

Front 33

An idividual may become a member if operating organizations

Back 33

True

Front 34

Members of an LLC personally liable for debts and obligations

Back 34

False

Front 35

All members of an LLC must be individuals

Back 35

False

Front 36

Shareholders usually elect board of directors

Back 36

True

Front 37

Tax exempt corporations

Back 37

True

Front 38

Failure to hold regular share holder meetings factor to Pierce the corporate veil

Back 38

True

Front 39

How do we determine state of domicile

Back 39

Where articles of incorporation are filed