Description

(Solved) PL 104 – Midterm 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.

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

Question

1. A close corporation is permitted by state law to operate more informally than most corporations and has only a limited number of shareholders.
   1. True
   2. False

Question

2. A corporation must file a D/B/A certificate in each county where the business will do business under a different name.
   1. True
   2. False

Question

3. The duration of a corporation must be indicated in the certificate of incorporation.
   1. True
   2. False

Question

4. After reserving your corporate name properly, the Department of State will hold the name for you indefinitely.
   1. True
   2. False

Question

5. Bylaws do not address details pertaining to the corporate secretary.
   1. True
   2. False

Question

6. There would be breach of the duty loyalty if the director of a corporation is a major stockholder in a competitor corporation.
   1. True
   2. False

Question

7. A general partner has no management duties and is limited in potential loss to the amount of his or her investments.
   1. True
   2. False

Question

8. A partnership is an association of one person who operates a business.
   1. True
   2. False

Question

9. The personal assets of the corporate owners are protected through limited liability.
   1. True
   2. False

Question

10. There would be a breach of the duty of loyalty if the director of one corporation is also the director of a competitor corporation.
    1. True
    2. False

Question

11. All corporations are known as Subchapter S corporations.
    1. True
    2. False

Question

12. A partnership will have perpetual existence.
    1. True
    2. False

Question

13. If the Certificate on Incorporation is not properly filed, the corporation will still be in existence.
    1. True
    2. False

Question

14. The certificate of incorporation would include information pertaining to the purpose of the business.
    1. True
    2. False

Question

15. In a close corporation, an owner who wishes to get out of the business will have an easy time selling his shares on the open market.
    1. True
    2. False

Question

16. Shareholders exert corporate influence through voting.
    1. True
    2. False

Question

17. A corporation is a business entity owned by shareholders and managed by directors and officers.
    1. True
    2. False

Question

18. The term ultra vires applies to an unauthorized action of a corporation, that is beyond the powers conferred upon it.
    1. True
    2. False

Question

19. The shareholders elect or appoint the directors.
    1. True
    2. False

Question

20. There is no fee for the reservation of a corporate name.
    1. True
    2. False

Solutions

This Midterm Exam study pack contains 30 more questions in addition to the ones above.

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

This means you’ll be assured of a 100% score with the same set of questions in the Midterm Exam.

Best Deal!