Question;31.;Which of the;following are advantages of the corporate form of business ownership?;I. limited liability;for firm debt;II. double taxation;III. ability to;raise capital;IV. unlimited firm;life;A.;I and II only;B.;III and IV only;C.;I, II, and III only;D.;II, III, and IV only;E.;I, III, and IV only;32.;Which one of;the following statements is correct concerning corporations?;A.;The largest firms are usually corporations.;B.;The majority of firms are corporations.;C.;The stockholders are usually the managers of a corporation.;D.;The ability of a corporation to raise capital is quite;limited.;E.;The income of a corporation is taxed as personal income of the;stockholders.;33.;Which one of;the following statements is correct?;A.;Both partnerships and corporations incur double taxation.;B.;Both sole proprietorships and partnerships are taxed in a;similar fashion.;C.;Partnerships are the most complicated type of business to;form.;D.;Both partnerships and corporations have limited liability for;general partners and shareholders.;E.;All types of business formations have limited lives.;34.;The articles;of incorporation;A.;can be used to remove company management.;B.;are amended annually by the company stockholders.;C.;set forth the number of shares of stock that can be issued.;D.;set forth the rules by which the corporation regulates its;existence.;E.;can set forth the conditions under which the firm can avoid;double taxation.;35.;The;bylaws;A.;establish the name of the corporation.;B.;are rules which apply only to limited liability companies.;C.;set forth the purpose of the firm.;D.;mandate the procedure for electing corporate directors.;E.;set forth the procedure by which the stockholders elect the;senior managers of the firm.;36.;The owners of;a limited liability company prefer;A.;being taxed like a corporation.;B.;having liability exposure similar to that of a sole;proprietor.;C.;being taxed personally on all business income.;D.;having liability exposure similar to that of a general;partner.;E.;being taxed like a corporation with liability like a;partnership.
Paper#55219 | Written in 18-Jul-2015Price : $22