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
- A close corporation is permitted by state law to operate more informally than most corporations and has only a limited number of shareholders.
- True
- False
Question
- A corporation must file a D/B/A certificate in each county where the business will do business under a different name.
- True
- False
Question
- The duration of a corporation must be indicated in the certificate of incorporation.
- True
- False
Question
- After reserving your corporate name properly, the Department of State will hold the name for you indefinitely.
- True
- False
Question
- Bylaws do not address details pertaining to the corporate secretary.
- True
- False
Question
- There would be breach of the duty loyalty if the director of a corporation is a major stockholder in a competitor corporation.
- True
- False
Question
- A general partner has no management duties and is limited in potential loss to the amount of his or her investments.
- True
- False
Question
- A partnership is an association of one person who operates a business.
- True
- False
Question
- The personal assets of the corporate owners are protected through limited liability.
- True
- False
Question
- There would be a breach of the duty of loyalty if the director of one corporation is also the director of a competitor corporation.
- True
- False
Question
- All corporations are known as Subchapter S corporations.
- True
- False
Question
- A partnership will have perpetual existence.
- True
- False
Question
- If the Certificate on Incorporation is not properly filed, the corporation will still be in existence.
- True
- False
Question
- The certificate of incorporation would include information pertaining to the purpose of the business.
- True
- False
Question
- 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.
- True
- False
Question
- Shareholders exert corporate influence through voting.
- True
- False
Question
- A corporation is a business entity owned by shareholders and managed by directors and officers.
- True
- False
Question
- The term ultra vires applies to an unauthorized action of a corporation, that is beyond the powers conferred upon it.
- True
- False
Question
- The shareholders elect or appoint the directors.
- True
- False
Question
- There is no fee for the reservation of a corporate name.
- True
- 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!
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