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Exam (elaborations)

Business Law Exam 3 Business Entities Practice Questions and Answers Updated 2026

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Uploaded on
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Business Law Exam 3 Business Entities Practice Questions and Answers Updated 2026

Institution
Business Law And Practice
Course
Business Law And Practice

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Business Law Exam 3:
Business Entities
Practice Questions and
Answers Updated 2026
TrueB-BAnswerBCorporationsBhaveBperpetualBexistence.



FalseB-BAnswerBTheBmostBcommonBformBofBbusinessBownershipBisBtheBcorporation



FalseB-
BAnswerBToBbeBaBcloseBcorporation,BtheBbusinessBmustBbeBsmall,BwithBunderB20Bow
nersBandBunderB$500,000BinBgrossBannualBincome



FalseB-BAnswerBABpartnershipBisBaBseparateBtaxableBentity



FalseB-
BAnswerBLimitedBliabilityBisBaBmajorBadvantageBofBaBpartnershipBasBcomparedBtoBaB
corporation.



FalseB-
BAnswerBDr.BWong,BaBdentist,BandBhisBwife,BanBattorney,BcanBprotectBtheirBpersonal
BassetsBwithBlimitedBliabilityBfromBtheirBbusinessBdealingsBbyBcreatingBandBoperatingB
aBprofessionalBcorporationBtogether



FalseB-
BAnswerBCorporationsBhaveBaBdistinctBadvantageBoverBotherBformsBofBbusinessBorgan
izationBinBtheBareaBofBtaxation

,TrueB-
BAnswerBABlimitedBliabilityBcompany,BunlikeBaBSubchapterBSBcorporation,BcanBhaveBm
embersBthatBareBcorporations,Bpartnerships,BorBnonresidentBaliens



TrueB-
BAnswerBGenerally,BaBjointBventureBisBaBpartnershipBcreatedBforBoneBlimitedBpurpose



TrueB-
BAnswerBCooperativesBmayBbeBeitherBincorporatedBorBunincorporatedBbusinesses.



FalseB-
BAnswerBToBformBanBLLC,BaBcharterBandBanBoperatingBagreementBmustBbeBfiledBwit
hBtheBSecretaryBofBStateBinBtheBjurisdictionBwhereBtheBbusinessBwillBoperate



FalseB-
BAnswerBFranchiseBfeesBcanBbeBcostly,BbutBtheyBareBusuallyBpayableBoverBaBnumber
BofByears,BafterBprofitsBareBgeneratedBfromBtheBbusiness



FalseB-
BAnswerBTheBFederalBTradeBCommissionBwillBnotBallowBtheBsaleBofBfranchisesBthatBa
reBunfairBtoBtheBfranchisee



TrueB-
BAnswerBFilingsBareBrequiredBtoBformBandBoperateBaBlimitedBliabilityBpartnership



BB-BAnswerBAllBtheBbusinessBformsBlistedBbelowBhaveBlimitedBliabilityBexceptBthe:



a.BlimitedBliabilityBcompany.



b.BgeneralBpartnership.

, c.BSubchapterB"S"Bcorporation.



d.Bcorporation.



DB-
BAnswerBRachelBandBCyndiBstartedBaBretailBbusinessBcalledBZebraBToyBCompany.BThe
BbusinessBisBoperatedBasBaBpartnership.BUnderBpartnershipBlaw:



a.BRachelBisBpersonallyBliableBforBanyBbusinessBcontractsBenteredBintoBbyBCyndi.



b.BRachelBisBpersonallyBliableBforBanyBbusinessBdebts,BregardlessBofBwhetherBsheBorB
CyndiBcreatedBtheBobligation.



c.BRachelBisBpersonallyBliableBforBanyBnegligentBactBcommittedBbyBCyndiBinBtheBscop
eBofBtheBbusinessBactivity.



d.BallBofBtheBabove



50,000B-
BAnswerBLanceBandBDarrellBhaveBanBequalBpartnership.BThisByear,BafterBexpenses,Bth
eBpartnershipBhadBaBprofitBofB$100,000.BLanceBandBDarrellBwillBeachBpayBtaxesBon:



cooperativeB-
BAnswerBSeventyBfarmersBinBMorganBCountyBjoinedBtogetherBtoBgainBtheBadvantages
BofBpurchasingBseedBandBfertilizerBinBbulkBandBofBobtainingBbetterBpricesBwhenBdistri
butingBandBsellingBtheirBcrops.BTheseBfarmersBhaveBformedBa:



AB-BAnswerBTheBFederalBTradeBCommissionBrequiresBfranchisorsBto:



a.BgiveBprospectiveBfranchiseesBanBofferingBcircularBatBleastB14BbusinessBdaysBpriorBt
oBtheBsigningBofBaBcontractBorBpaymentBofBanyBmoney.
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Business Law And Practice
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Business Law And Practice

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Uploaded on
July 15, 2026
Number of pages
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Written in
2025/2026
Type
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Questions & answers

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