LAW 531 UOP Tutorials,LAW 531 UOP Assignments,LAW 531 UOP Entire Class
Ginger is liable because she is the one who purchased the building. Fred is not liable, even though he had actual knowledge, because he did not purchase the building. 8.) What is the effect of having a corporation as the general partner of a limited partnership? Each shareholder of the corporation will be treated as a limited partner of the limited partnership. Each shareholder of the corporation will be treated as a general partner of the limited partnership. The liability of the corporate general partner will be limited to the amount of its assets. The limited liability of the corporation will result in the limited partners having greater liability than they would otherwise. 9.) When parties agree in advance to adhere to an arbitrator’s decision and award, it is known as mediation arbitrator discretion appealable binding arbitration 10.) Martha started a flower shop as a sole proprietor. After 1 year, she was forced to close the shop because business was so bad. At that time, the business assets totaled $50,000, but the business liabilities totaled $125,000. Which of the following statements is true? Martha is personally liable for the additional $75,000 owed to business creditors. Once Martha terminates the sole proprietorship, she is no longer liable for the $50,000.
Martha’s business creditors can collect only the $50,000 now, but if Martha ever goes into business again, they can get the assets of the new business. Martha’s business creditors can collect only the $50,000 of business assets 11.) Which of the following is one of the major purposes of a settlement conference? To structure a settlement payment schedule To facilitate the settlement of a case To contest the local court rules To conduct discovery for a case 12.) Which of the following is true about the choice of business entity for an entrepreneur? The choice is determined solely by the amount of capital invested. The choice takes into account many factors, including finding an option that has all the characteristics desired. The choice is determined by the Internal Revenue Service based on all the facts and circumstances. The choice is determined solely by whether the primary business is services or goods. 13.) Which of the following is true in the creation of a general partnership? The business name cannot be a fictitious name. The business name must have the names of all the partners. The business cannot operate under a trade name. The name selected cannot indicate that it is a corporation. 14.) Which type of business formation is typically reserved for professionals such as accountants, lawyers, and doctors?
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Ginger is liable because she is the one who purchased the building. Fred is not<br />
liable, even though he had actual knowledge, because he did not purchase the<br />
building.<br />
8.) What is the effect of having a corporation as the general partner of a limited<br />
partnership?<br />
Each shareholder of the corporation will be treated as a limited partner of the<br />
limited partnership.<br />
Each shareholder of the corporation will be treated as a general partner of the<br />
limited partnership.<br />
The liability of the corporate general partner will be limited to the amount of its<br />
assets.<br />
The limited liability of the corporation will result in the limited partners having<br />
greater liability than they would otherwise.<br />
9.) When parties agree in advance to adhere to an arbitrator’s decision and<br />
award, it is known as<br />
mediation<br />
arbitrator discretion<br />
appealable<br />
binding arbitration<br />
10.) Martha started a flower shop as a sole proprietor. After 1 year, she was<br />
forced to close the shop because business was so bad. At that time, the business<br />
assets totaled $50,000, but the business liabilities totaled $125,000. Which of the<br />
following statements is true?<br />
Martha is personally liable for the additional $75,000 owed to business creditors.<br />
Once Martha terminates the sole proprietorship, she is no longer liable for the<br />
$50,000.
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