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Business Organizations Test

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Test Ch. 13: Business Organizations
Date: 8/28/2019
Total Score: 0 out of 5
Percentage: 0%
1. The Limited Liability Company or LLC is an attempt to combine the advantages of partnerships with
those of corporations.
a. FALSE
b. TRUE
Explanation: LLCs have the simpler formation and tax benefits of a partnership, combined with the liability
advantage of corporations.
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2. One of the main advantages of partnerships is that they are simple to form.
a. TRUE
Explanation: Partnerships do not require filing with the state.
b. FALSE
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3. Unless agreed to the contrary, each partner's share of the business profits is proportionate to the partner's
capital contribution.
a. FALSE
Explanation: Unless otherwise agreed, each partner gets an equal share of profits and surplus.
b. TRUE
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4. Shareholders have a right to manage their corporations.
a. TRUE
b. FALSE
Explanation: Corporations are managed by their directors and officers.
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5. Corporations are legally treated like people, with identical constitutional rights as actual individual
citizens.
a. TRUE
b. FALSE
Explanation: While corporations are legally made up of people who have constitutional rights, those rights are
not necessarily interpreted the in same way as they are for individuals apart from the corporation.
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Test Ch. 13: Business Organizations • Date: 8/28/2019 • Total Score: 0 out of 5 • Percentage: 0% 1. The Limited Liability Company or LLC is an attempt to combine the advantages of partnerships with those of corporations. • a. FALSE • b. TRUE Explanation: LLCs have the simpler formati ...
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