1569340
Descripción
Test por alexandraj0, actualizado hace más de 1 año
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Creado por alexandraj0
hace más de 9 años
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Pregunta 1
Pregunta
The term "flow through tax entity" describes...
Respuesta
-
A form of taxation necessary for Corporations, where they must apply a tax to their sale of stocks and options
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Sole proprietorship, where the owner of the business is responsible for all the business’ debt
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Neither
Pregunta 2
Pregunta
A sole proprietorship is a true business entity.
Respuesta
- True
- False
Pregunta 3
Pregunta
Corporations pay income tax on their profits; shareholders must then...
Respuesta
-
pay tax again on the dividends received from the corporation aka. Double Taxation.
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pay a fee to the corporation for the ownership of stock aka. Double Taxation.
Pregunta 4
Pregunta
Corporations can have different classes of stock.
Respuesta
- True
- False
Pregunta 5
Pregunta
Venture capitalists almost always refuse to invest in LLCs preferring corporations instead. Which of the following statements does NOT support this reasoning?
Respuesta
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Corporations are easier to merge, sell or take public
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Corporations can issue stock options
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The general legal uncertainty involving LLCs (in terms of laws and regulations)
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Tax issues for LLCs are complex
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Once an LLC is established, it does not have as many housekeeping rules as corporations
Pregunta 6
Pregunta
LLC dissolves upon the withdrawal, death or expulsion of a member whereas Corporations have perpetual existence: they can continue without their founders.
Respuesta
- True
- False
Pregunta 7
Pregunta
Partnerships are a taxable entity.
Respuesta
- True
- False
Pregunta 8
Pregunta
Managers in a partnership have a fiduciary duty. Which of the following responses does NOT corresponding to an existing fiduciary duty?
Respuesta
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Partners are liable to the partnerships for gross negligence or intentional misconduct
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Partners can compete within the partnership
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A partner may not take an opportunity away from the partnership unless the other partners consent
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If a partner engages in a conflict of interest, he must turn over any profits he earned from that activity to the partnership
Pregunta 9
Pregunta
Oral agreement is enough to form a legally binding Partnership.
Respuesta
- True
- False
Pregunta 10
Pregunta
Partnership by implication and Partnership by Estoppel are essentially the same concept.
Respuesta
- True
- False
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