Corporates: Practice Questions
п»їExam #3 Practice Queries (Answers with the end)
1 . Which of the following will also apply to liabilities of LLCs?
A) Members with the LLC are liable to the extent of their capital contribution. B) Managers of LLCs are in person liable for the debts, commitments, and liabilities of the LLC. C) LLCs are not responsible for any damage or harm caused by their very own employees. D) LLCs are not liable for loss caused because of negligence of their managers through the ordinary
several. A(n) ________ refers to a contract entered into amongst members that governs the affairs and business with the LLC and the relations among members, managers, and the LLC. A) certificate of interest
B) articles of organization
C) operating arrangement
D) arrangement of conversion
3. Marshall is the purchasing agent for the DigitoolArt Corporation. His duties require him to negotiate and execute agreements to purchase office supplies and equipment pertaining to the corporation. Assume that Bronson, your computer salesperson, pays off Marshall a $20, 500 kickback to acquire from him personal computers needed by DigitoolArt Company. What breach of the work of commitment has Marshall committed below? A) contending with the organization
B) making a top secret profit
D) usurping a company opportunity
four. A overseer or corporate and business officer that does not attend board meetings regularly would be in violation of ________. A) self-dealing
B) duty of care
C) duty of loyalty
D) duty of obedience
five. Dissolution of any corporation which includes begun business or issued shares after recommendation with the board of directors and a majority political election of the stocks entitled to have your vote is known as ________. A) liquidation
B) contencioso dissolution
C) administrative dissolution
D) voluntary dissolution
6th. Which of the following will also apply to an S corporation?
A) The corporation can easily have no much more than 100 shareholders.
B) Only foreign organizations can be an S i9000 corporation.
C) They are taxed at the corporate and business level.
D) The corporation should be...