LAW 531 Week 1 Knowledge Check Essay

Which of the following is true of a corporation? tummy owners argon only taxed once on earnings.A corporation terminates upon the shoemakers last of an owner.A corporation is a separate legal entity.Corporation shargonholders are subject to un limit personal liability. determine2There are two prevalent supplys, each of whom contri how perpetuallyes $5,000 in capital to a special(a) partnership. There are two especial(a) partners, each of whom contributes $20,000. The total arrive of capital contributed is $50,000. The throttle partnership agreement does non stipulate how lettuce and losses areto be allocated. Assume that the limited partnership makes $300,000 in profits. Under the Revised Uni relieve cardinalself Limited Partnership coif (RULPA), how oft would each partner mother?Each general partner would receive $30,000, and each limited partner would receive $120,000. Each general partner would receive $50,000, and each limited partner would receive $100,000.https//n ewclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationRRIS43590667&serverTime=2013-08-20T042356.746+0000/view/ give rascal 1 of 68/19/13 924 PMStart Over al peerless partners would receive $75,000, irrespective of whether he or she is a general or limited partner.Each general partner would receive $120,000, and each limited partner would receive $30,000. moderate3Which of the following is true regarding intermediation?A mediator does not make a decision or an award.If a settlement agreement is not reached in mediation, hence the parties need a new mediator.Was created by the federal official Mediation Act of 1925.A settlement agreement is never reached with a mediator.Correct4George has served bloody shame with a complaint alleging breach of contract. Mary has never been sued before and as such, she seeks your advice on what to do with the complaint. You advise that sheanswer Georges complaint but do not provide any affirmative defenses that George can utilize against heranswe r Georges complaint by admitting or denying the allegations George has asserted against her create verbally a letter to the judge saying that George is mistakenshould not respond to Georges complaint as an answer implies an admissionCorrect5Which of the following is true of arbitration?A judicial referee makes recommendations to the parties. matchless party usually drops the case.Parties can introduce evidence to support their case.A resolution may or may not be reached.Correcthttps//newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationRRIS43590667&serverTime=2013-08-20T042356.746+0000/view/resultPage 2 of 68/19/13 924 PM6Which of the following is one of the major purposes of a settlementconference?To send discovery for a caseTo contest the local court rulesTo still the settlement of a caseTo structure a settlement stipend scheduleCorrect7What is the effect of having a corporation as the general partner of a limited partnership?Each shareowner of the corporation leave be treated as a limited partner of the limited partnership.The liability of the corporate general partner lead be limited to the amount of its assets.The limited liability of the corporation will result in the limited partners having greater liability than they would otherwise.Each stockholder of the corporation will be treated as a general partner of the limited partnership.Correct8Which of the following is true astir(predicate) the choice of pedigree entity for an entrepreneur?The choice is immovable by the privileged Revenue Service based on all the facts and circumstances.The choice takes into account statement many factors, including finding an option that has all the characteristics desired.The choice is determined unaccompanied by whether the primary commercial enterprise is services or goods. The choice is determined solely by the amount of capital invested.Correct9Which form of alternative dispute resolution occurs when the parties choose an impartial third party to h ear and decide their dispute?https//newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationRRIS43590667&serverTime=2013-08-20T042356.746+0000/view/resultPage 3 of 68/19/13 924 PMMinitrialArbitrationConciliationMediationCorrect10Fred and Ginger are general partners in a business. They decide to get a building for the partnership. Ginger will put up the gold for the building, and Fred will complete the remodeling. While inspecting the building, Fred is informed that the building is packed beneficial of asbestos. He fails to tell Ginger of the presence of the substance. They buy the building and go into business. During the remodeling of the building, people from the neighborhood begin complaining about the dust from the building. near of them even threaten to sue. Who is conceivable?Fred is liable because he was put on notice of the presence of the substance. Ginger is not liable because she did not concur actual knowledge.Neither Ginger nor Fred are liable personally, nor is the partnership, as they did not put the substance in the building.Both Ginger and Fred are liable, regardless of the circumstances, by virtue of the fact that they are partners.Ginger is liable because she is the one who purchased the building. Fred is not liable, even though he had actual knowledge, because he did not purchase the building.Correct11Martha started a flower storehouse as a sole proprietor. After 1 year, she was forced to close the shop because business was so bad. At that time, the business assets totaled $50,000, but the business liabilities totaled $125,000. Which of the following statements is true?Marthas business creditors can tuck only the $50,000 of business assets.Once Martha terminates the sole proprietorship, she is no longer liable for the $50,000.Marthas business creditors can collect only the $50,000 now, but if Martha ever goes into business again, they can get the assets of the new business.Martha is personally liable for the additive $75,000 owed to business creditors.Correcthttps//newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationRRIS43590667&serverTime=2013-08-20T042356.746+0000/view/resultPage 4 of 68/19/13 924 PM12Which type of business formation is typically reserved for professionals such as accountants, lawyers, and doctors?Limited financial obligation Company (LLC)Limited Liability Partnership (LLP)FranchiseS-CorporationCorrect13Which of the following is true in the creation of a general partnership?The name selected cannot indicate that it is a corporation.The business name must have the names of all the partners.The business cannot operate under a trade name.The business name cannot be a fictitious name.Correct14Which of the following is true of The Federal Arbitration Act?It permits an appeal for all arbitration awards.It provides that arbitration agreements are valid, irrevocable, and enforceable.It applies only to breach of contract disputes.It governs all types of alternative dispute resolution.Corre ct15When parties agree in advance to adhere to an arbitrators decision and award, it is known asbinding arbitrationhttps//newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationRRIS43590667&serverTime=2013-08-20T042356.746+0000/view/resultPage 5 of 68/19/13 924 PMarbitrator discretionappealablemediationCorrect16The Black Squirrel limited partnership has been in operation for many years, but has recently fallen on overweight times. The partners have decided to dissolve, although there are few assets remaining in the partnership. Shortly after the partnership filed its certificate of limited partnership, the partners had the foresight to incorporated into their partnership agreement a preparation that, in the event of dissolution, the assets would be distributed in payment of claims first to limited partners, then to general partners, then to creditors.Hilda is a limited partner and feels relieved that she will receive at least a portion of her capital. Henry, one of the general p artners, said that this provision is void and unenforceable. Which of the following best describes this situation?The provision placing limited partners beforehand of general partners is unenforceable, thus all partners would be on an equal earth and ahead of creditors.The provision placing the partners ahead of creditors is not enforceable, but the priority of limited partners over general partners is enforceable.The distribution of assets in the event of dissolution is one of the few provisions where the Revised Uniform Limited Partnership Act does not allow modification.The distribution, as called for in the agreement, would be enforceable if it had been include in any filings related to the limited partnership.Incorrecthttps//newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationRRIS43590667&serverTime=2013-08-20T042356.746+0000/view/result