LAW FOR BUSINESS UNIT ONE ASSESSMENT 2026LAW FOR BUSINESS UNIT ONE ASSESSMENT 2026

LAW FOR BUSINESS UNIT ONE ASSESSMENT
2026

◉ Employment law is based on a combination of contract law and
the law established by courts, lawmakers, and administrative
agencies. Answer: True


◉ Collective bargaining contracts govern the rights of employers and
employees only in public sectors of employment. Answer: False


◉ A limited liability company is treated like a partnership under
federal tax law and has the limited liability feature of corporations.
Answer: True


◉ Even limited partners are completely liable for debts of the
business. Answer: False


◉ A corporation is an artifical person that is created by
governmental action. Answer: True


◉ Even limited partners are completely liable for debts of the
business. Answer: False

, ◉ A corporation is an artificial person that is created by
governmental Action. Answer: True


◉ Partnership agreements allow individuals to conduct their
business without the requirement of a formal organizational
structure. Answer: True


◉ Shareholders ordinarily cannot be sued for corporate liabilities.
Answer: True


◉ The Uniform Partnership Act, a codification of partnership law,
has been adopted by 49 states. Answer: True


◉ An employment contract always will state a time or duration for
the contract's applicability. Answer: False


◉ Each partner is an agent of the partnership. Answer: True


◉ Every limited partnership must have at least one general partner
Answer: True


◉ Limited partners may contribute cash or property as their capital
contributions. Answer: True