1569340
Descrição
Quiz por alexandraj0, atualizado more than 1 year ago
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Criado por alexandraj0
aproximadamente 10 anos atrás
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Questão 1
Questão
The term "flow through tax entity" describes...
Responda
-
A form of taxation necessary for Corporations, where they must apply a tax to their sale of stocks and options
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Sole proprietorship, where the owner of the business is responsible for all the business’ debt
-
Neither
Questão 2
Questão
A sole proprietorship is a true business entity.
Responda
- True
- False
Questão 3
Questão
Corporations pay income tax on their profits; shareholders must then...
Responda
-
pay tax again on the dividends received from the corporation aka. Double Taxation.
-
pay a fee to the corporation for the ownership of stock aka. Double Taxation.
Questão 4
Questão
Corporations can have different classes of stock.
Responda
- True
- False
Questão 5
Questão
Venture capitalists almost always refuse to invest in LLCs preferring corporations instead. Which of the following statements does NOT support this reasoning?
Responda
-
Corporations are easier to merge, sell or take public
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Corporations can issue stock options
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The general legal uncertainty involving LLCs (in terms of laws and regulations)
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Tax issues for LLCs are complex
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Once an LLC is established, it does not have as many housekeeping rules as corporations
Questão 6
Questão
LLC dissolves upon the withdrawal, death or expulsion of a member whereas Corporations have perpetual existence: they can continue without their founders.
Responda
- True
- False
Questão 7
Questão
Partnerships are a taxable entity.
Responda
- True
- False
Questão 8
Questão
Managers in a partnership have a fiduciary duty. Which of the following responses does NOT corresponding to an existing fiduciary duty?
Responda
-
Partners are liable to the partnerships for gross negligence or intentional misconduct
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Partners can compete within the partnership
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A partner may not take an opportunity away from the partnership unless the other partners consent
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If a partner engages in a conflict of interest, he must turn over any profits he earned from that activity to the partnership
Questão 9
Questão
Oral agreement is enough to form a legally binding Partnership.
Responda
- True
- False
Questão 10
Questão
Partnership by implication and Partnership by Estoppel are essentially the same concept.
Responda
- True
- False
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