LAW 2150 EXAM 4 REVIEW | QUESTIONS WITH
VERIFIED ANSWERS
A sole proprietorship - Answers - imposes unlimited personal liability on its owner-
proprietor
A limited liability company is owned by its - Answers - members.
The term "double taxation" is associated with - Answers - "C" corporations
In North Carolina, it is possible for a ____________ to have only one individual owner.
I corporation. II sole proprietorship. III partnership. IV limited liability company. -
Answers - I, II and IV only.
In a general partnership where all partners are natural persons, who has limited
personal liability? - Answers - no one does
In North Carolina the document filed in the Office of the Register of Deeds in each
county where a business does business under some name other than its own name is
called - Answers - certificate of assumed name (assumed name certificate
One of the first steps in creating a North Carolina corporation is the filing of
___________ _____ ____________ with the North Carolina Secretary of State. -
Answers - articles of incorporation
Most corporations have - Answers - perpetual life/duration
A corporation that is incorporated in one state, but is doing business in another, is
referred to in the second state as - Answers - a foreign corporation.
The maximum number of shareholders that an S corporation may have is currently -
Answers - 100.
Who signs and files Articles of Incorporation with the Secretary of State? - Answers -
the incorporator
In small closely held corporations, general partnerships, limited partnerships and limited
liability companies, this type of agreement is often used to restrict transfer of interests in
the company or entity? - Answers - buy-sell agreement
All non-profit corporations are - Answers - none of the above
VERIFIED ANSWERS
A sole proprietorship - Answers - imposes unlimited personal liability on its owner-
proprietor
A limited liability company is owned by its - Answers - members.
The term "double taxation" is associated with - Answers - "C" corporations
In North Carolina, it is possible for a ____________ to have only one individual owner.
I corporation. II sole proprietorship. III partnership. IV limited liability company. -
Answers - I, II and IV only.
In a general partnership where all partners are natural persons, who has limited
personal liability? - Answers - no one does
In North Carolina the document filed in the Office of the Register of Deeds in each
county where a business does business under some name other than its own name is
called - Answers - certificate of assumed name (assumed name certificate
One of the first steps in creating a North Carolina corporation is the filing of
___________ _____ ____________ with the North Carolina Secretary of State. -
Answers - articles of incorporation
Most corporations have - Answers - perpetual life/duration
A corporation that is incorporated in one state, but is doing business in another, is
referred to in the second state as - Answers - a foreign corporation.
The maximum number of shareholders that an S corporation may have is currently -
Answers - 100.
Who signs and files Articles of Incorporation with the Secretary of State? - Answers -
the incorporator
In small closely held corporations, general partnerships, limited partnerships and limited
liability companies, this type of agreement is often used to restrict transfer of interests in
the company or entity? - Answers - buy-sell agreement
All non-profit corporations are - Answers - none of the above
