LS 311 Business Law Final Exam

1. Question : Kelly, Lars, and Mona agree to be partners in Neighborhood Delivery Service (NDS), splitting the profits equally. Kelly contributes 67 % of the capital. When NDS is dissolved, its liabilities are greater than its assets. The losses are paid by Student Answer: all of the partners in proportion to their capital contributions. all of the partners in proportion to their shares of the profits. Kelly because she contributed most of the capital. Lars and Mona because they contributed the least of the capital. Points Received: 4 of 4 Comments: Question 2 . Question : Any corporation with more than $10 million in assets and 500 or more shareholders must register with the Securities and Exchange Commission. Student Answer: True False Points Received: 4 of 4 Comments: This study source was downloaded by from CourseH on :41:19 GMT -06:00 Question 3 . Question : "Piercing the corporate veil" means revealing to shareholders the internal rules of corporate management. Student Answer: True False Points Received: 4 of 4 Comments: Question 4 . Question : Kirk