1 Barb owns Barb's Salon, which owes back rent to Capital Properties, a landlord Barb agrees to pay a percentage of her profit each month until the debt is paid Capital Properties is 


Answer

Barb's creditor and partner.

Barb's creditor only.

Barb's partner only.

neither Barb's creditor nor partner.

 

2 Alvaro and Franco are forming a corporation and preparing the articles of incorporation What provision must be in the articles? 

Answer

A corporate name with an indication of "corporateness," such as "Inc."

The names and addresses of majority or controlling shareholders.

Evidence of U.S

citizenship for the directors.

All must be in the articles.

 

3 All written contracts that have a set of promises are 


Answer

Formal

Valid

Bilateral

Executed

 

4 Which of the following facts is the best evidence of the existence of a partnership relationship? 

Answer

Joint or common ownership of property

Sharing of gross returns of a business

Sharing of net profits of a business

Joint participation in a business activity

 

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