BLW 3013 Business Law module 2 Questions And Answers Rated 100% Correct

which of the following may allow your corporate veil to be pierced and make you personally liable? a. not maintaining corporate records b. not using your corporation name on all business marketing materials c. not using your corporation name on all legal documents d. a,b, and c - ️️d. a,b, and c Which of the following changes in your partnership typically requires a change in the partnership agreement? a. addition of a new partner b. significant change in the structure of the business c. a partnership agreement may not be changed d. a and b - ️️d. a and b the management responsibilities clause of a partnership agreement details how partners will make decisions concerning the partnership. t/f - ️️TRUE you and a friend want to sell utsa tee shirts during all home football games. you have secured all the appropriate licensing agreements. however, to mitigate your personal liability, you and your friend create a partnership and agree that it will dissolve the day after the last home game. may a partnership be created for such a short period of time? Yes/No - ️️YES when you and your friends contribute property and cash to your small business corporation, you are financing the corporation with equity. T/F - ️️TRUE book valuation is used to base the value of shares of a partnership on the business assets at the time the business was purchased. T/f - ️️FALSE Asset Valuation your business articles of incorporation are filed with the internal revenue service where they will be reviewed and approved. T/F - ️️FALSE Office of the Secretary of State the uniform partnership act allows a court to determine how to distribute the profits and assets of a business when the business partners never sign a partnership agreement. T/F - ️️TRUEBylaws is the document that details the powers and rights of shareholders, directors, officers and provides specifics about the time and place of the annual meeting. etc. T/F - ️️TRUE pg 58 you and your partner want to assure that the business will continue in the event of the death of other partner. an effective method accomplishes this objective is for you and your business partner to execute which of the following documents? a. articles of incorporation b. bylaws c. management responsibilities clause d. cross purchase buy-sell agreement - ️️d. cross purchase buy-sell agreement a disadvantage of an S corporation is double taxation. T/F - ️️FALSE