BUL 3320 Exam 3 Questions and
Answers
which of the following types of liability do limited partners of a limited partnership
have for the debts and obligations of the limited partnerships? - ANSWER-liability
restricted to debts up to their capital contributions
when is the deceased's property, in intestacy, necessarily escheated to the
government? - ANSWER-when the deceased has no living relatives
a limited partnership has two types of partners - ANSWER-general partners and
limited partners
A Director of corporate officers that does not attend board meetings regularly would
be in violation of - ANSWER-duty of loyalty
which of the following is true with regard to an assignment - ANSWER-The assignee
acquired all the rights that we assignor had under the lease
__ are corporations that have many shareholders and who securities are often
traded on national stock exchanges - ANSWER-publicly held corporation
A limited partnership is a ___ in the state in which it is organized - ANSWER-
domestic limited partnership
the ___ is an assurance that provides that leased premises must be fit safe and
suitable for ordinary residential use - ANSWER-implied warranty of habitability
a ___ is a lease where the tenant is responsible for paying the rent, property taxes,
utilities and insurance - ANSWER-net net net lease (triple net)
which of the following partners have a limited partnership invest capital but do not
participate in management - ANSWER-Limited partners
The state of having died without leaving a will is known as - ANSWER-intestate
which of the following statements is true with regard to a sublease - ANSWER-The
landlord can sue the sublessee to recover rent payments
The process of a deceased's property being collected, debts and taxes being paid,
and the remainder of the estate being distributed is known as - ANSWER-probate
A corporation that is incorporated in another country is known as - ANSWER-alien
corporation
a(n) ___ is a legal arrangement established when one person transfers title to
property to another person to be held and used for the benefit of a third person -
ANSWER-trusr
, which of the following is true of multi member LLC taxation - ANSWER-A multi
member LLC is generally not taxed at the entity level, but rather it is taxed as a
partnership
which of the following is true of a member-managed LLC - ANSWER-Each member
has equal rights in the management of the business of the LLC.
an ___ is a member of a board of directors who is not an officer of the corporation -
ANSWER-outside Director
owners of a corporation who elect the Board of Directors and vote on fundamental
changes in the corporation are known as - ANSWER-shareholders
What is a codicil? - ANSWER-A separate document that must be executed to amend
a will
which of the following policies helps a corporate officer from being sued for honest
mistakes made on behalf of a corporation - ANSWER-Business judgment rule
which of the following statements is true of testators signature on a will - ANSWER-
The testator signature must appear at the end of the world to prevent chances of any
fraud
a ___ is a fictitious legal entity that is created according to statutory requirements -
ANSWER-corporation
A party to whom a tenant transferred all of his or her rights under a lease is known
as an - ANSWER-assignee
which of the following legislations collectively prevents all of the protected classes
from discrimination in accommodation - ANSWER-The fair housing act of 1968
according to the provisions that in the Sarbanes-Oxley act the __, a federal
government agency, may issue an order prohibiting any person who has committed
securities fraud from acting as an officer or Director of a public company - ANSWER-
securities and exchange commission
__ refer to the formal documents that must be filed at the Secretary of State's office
of the state of organization of an LLC to form the LLC - ANSWER-articles of
organization
which of the following is true of a living trust? - ANSWER-it can be revoked during
the grantors lifetime
A limited liability limited partnership is a __ in the state in which it is organized -
ANSWER-domestic LLLP
which of the following is mandatory for the addition of a new limited partner to an
existing limited partnership - ANSWER-written consent of all partners
Answers
which of the following types of liability do limited partners of a limited partnership
have for the debts and obligations of the limited partnerships? - ANSWER-liability
restricted to debts up to their capital contributions
when is the deceased's property, in intestacy, necessarily escheated to the
government? - ANSWER-when the deceased has no living relatives
a limited partnership has two types of partners - ANSWER-general partners and
limited partners
A Director of corporate officers that does not attend board meetings regularly would
be in violation of - ANSWER-duty of loyalty
which of the following is true with regard to an assignment - ANSWER-The assignee
acquired all the rights that we assignor had under the lease
__ are corporations that have many shareholders and who securities are often
traded on national stock exchanges - ANSWER-publicly held corporation
A limited partnership is a ___ in the state in which it is organized - ANSWER-
domestic limited partnership
the ___ is an assurance that provides that leased premises must be fit safe and
suitable for ordinary residential use - ANSWER-implied warranty of habitability
a ___ is a lease where the tenant is responsible for paying the rent, property taxes,
utilities and insurance - ANSWER-net net net lease (triple net)
which of the following partners have a limited partnership invest capital but do not
participate in management - ANSWER-Limited partners
The state of having died without leaving a will is known as - ANSWER-intestate
which of the following statements is true with regard to a sublease - ANSWER-The
landlord can sue the sublessee to recover rent payments
The process of a deceased's property being collected, debts and taxes being paid,
and the remainder of the estate being distributed is known as - ANSWER-probate
A corporation that is incorporated in another country is known as - ANSWER-alien
corporation
a(n) ___ is a legal arrangement established when one person transfers title to
property to another person to be held and used for the benefit of a third person -
ANSWER-trusr
, which of the following is true of multi member LLC taxation - ANSWER-A multi
member LLC is generally not taxed at the entity level, but rather it is taxed as a
partnership
which of the following is true of a member-managed LLC - ANSWER-Each member
has equal rights in the management of the business of the LLC.
an ___ is a member of a board of directors who is not an officer of the corporation -
ANSWER-outside Director
owners of a corporation who elect the Board of Directors and vote on fundamental
changes in the corporation are known as - ANSWER-shareholders
What is a codicil? - ANSWER-A separate document that must be executed to amend
a will
which of the following policies helps a corporate officer from being sued for honest
mistakes made on behalf of a corporation - ANSWER-Business judgment rule
which of the following statements is true of testators signature on a will - ANSWER-
The testator signature must appear at the end of the world to prevent chances of any
fraud
a ___ is a fictitious legal entity that is created according to statutory requirements -
ANSWER-corporation
A party to whom a tenant transferred all of his or her rights under a lease is known
as an - ANSWER-assignee
which of the following legislations collectively prevents all of the protected classes
from discrimination in accommodation - ANSWER-The fair housing act of 1968
according to the provisions that in the Sarbanes-Oxley act the __, a federal
government agency, may issue an order prohibiting any person who has committed
securities fraud from acting as an officer or Director of a public company - ANSWER-
securities and exchange commission
__ refer to the formal documents that must be filed at the Secretary of State's office
of the state of organization of an LLC to form the LLC - ANSWER-articles of
organization
which of the following is true of a living trust? - ANSWER-it can be revoked during
the grantors lifetime
A limited liability limited partnership is a __ in the state in which it is organized -
ANSWER-domestic LLLP
which of the following is mandatory for the addition of a new limited partner to an
existing limited partnership - ANSWER-written consent of all partners
