1. What is the primary advantage of a limited liability company (LLC) over a partnership? - A) Unlimited life - B) Limited liability for owners - C) No need for annual meetings - D) All of the above Answer: B) Limited liability for owners Rationale: The main advantage of an LLC is that the owners have limited liability for the debts and actions of the company, unlike in a partnership where partners can be held personally liable. 2. Which of the following is a characteristic of a corporation? - A) Pass-through taxation - B) Perpetual existence - C) No separation between ownership and management - D) Limited number of shareholders Answer: B) Perpetual existence Rationale: Corporations have a perpetual existence, meaning they continue to exist even if ownership or management changes, unlike sole proprietorships or partnerships that may dissolve. 3. In the context of business law, what does the 'doctrine of ultra vires' refer to? - A) Acts beyond the powers of a company - B) The responsibilities of a company's board of directors - C) The legal protections for minority shareholders - D) The process of incorporating a business Answer: A) Acts beyond the powers of a company Rationale: 'Ultra vires' is a Latin term meaning 'beyond the powers'; in business law, it refers to acts performed by a company that are beyond the scope of its charter or articles of incorporation. 4. What legal document outlines the internal rules for the management of a corporation? - A) Articles of Incorporation - B) Corporate Bylaws - C) Partnership Agreement

No comments found.
Login to post a comment

jordancarter 7 months ago

This study guide is clear, well-organized, and covers all the essential topics. The explanations are concise, making complex concepts easier to understand. It could benefit from more practice questions, but overall, it's a great resource for efficient studying. Highly recommend!

plaidd 2025 years ago

This document featured step-by-step guides that was incredibly useful for my research. Such an superb resource!
Login to review this item
Q. What will I receive when I purchase this document?
A. You will receive a PDF that is available for instant download upon purchase. The document will be accessible to you at any time, from anywhere, and will remain available indefinitely through your profile.
Q. Satisfaction guarantee: how does it work?
A. Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Q. Who am I buying these notes from?
A. you are buying this document from us learnexams
Q. Will I be stuck with a subscription?
A. No, you only buy these notes for $ indicated . You are not obligated to anything after your purchase.
Q. Can learnexams be trusted?
A. check our reviews at trustpilot
Price $15.00
Add To Cart

Buy Now
Category exam bundles
Comments 0
Rating
Sales 0

Buy Our Plan

We have

The latest updated Study Material Bundle with 100% Satisfaction guarantee

Visit Now
Processing