Description

(Solved) PL 104 – Final Exam (Business Corporations and Entities Law)

This is a question-and-answer study pack for PL104 – Business Corporations and Entities Law) at the New York Paralegal School.

The solutions are graded so you’ll have the correct answers all through.

You’ll be guaranteed an A+ with the same set of questions in the exam.

Question

1. The filing of the certificate of incorporation with the Department of State does not establish the existence of the corporation.
   1. True
   2. False

Question

2. For a foreign corporation to legally do business in New York State, an Application of Authority must first be filed.
   1. True
   2. False

Question

3. A partnership is an association of two or more persons or entities to operate business.
   1. True
   2. False

Question

4. The choice of a corporate name is subject to state approval to ensure against duplication or deception.
   1. True
   2. False

Question

5. Duty of Care is a requirement that a person act toward others and the public with the watchfulness, attention, caution and prudence that a reasonable person in the circumstances would use.
   1. True
   2. False

Question

6. An alter ego is a corporation or other entity set up to provide a legal shield for the person actually controlling the operation.
   1. True
   2. False

Question

7. Each partner owes the other partners a duty of full disclosure of information that affects the business.
   1. True
   2. False

Question

8. A limited liability company, or LLC, offers the favorable tax treatment of a partnership coupled with the limited liability protection of a corporation.
   1. True
   2. False

Question

9. Other than its tax treatment, an “S” corporationis treated as a corporation in all other respects.
   1. True
   2. False

Question

10. A certificate of incorporation is the document that establishes the existence of the corporation once it is filed in the incorporator’s office.
    1. True
    2. False

Question

11. A business certificate must be filed in the county in which the Partnership’s main office is located.
    1. True
    2. False

Question

12. The officers usually have responsibility for the corporation’s day-to-day operation.
    1. True
    2. False

Question

13. The bylaws need to be approved by the board of directors.
    1. True
    2. False

Question

14. Directors and Officers must meet this standard of care. If not, then their acts are considered negligent.
    1. True
    2. False

Question

15. As a general rule, directors and officers are not personally liable for the actions of the corporation.
    1. True
    2. False

Question

16. A limited partner has management responsibilities and are subject to claims, lawsuits and debts in bankruptcy against the partnership.
    1. True
    2. False

Question

17. Each Partner is responsible for all the debts and contracts of the partnership even though another partner created the debt or entered h into the contract.
    1. True
    2. False

Question

18. Under capitalization is when the corporation does not have ample liquid assets to operate.
    1. True
    2. False

Question

19. The duty of care and duty of loyalty are both fiduciary duties imposed on directors.
    1. True
    2. False

Question

20. A Sole Proprietorship has more than one owner
    1. True
    2. False

Solutions

This study pack contains 80 more questions in addition to the ones above.

All the questions have answers that are graded by the New York Paralegal School.

You’ll be guaranteed an A+ with the same set of questions in the final exam.