BMAL 590
A _____ is created when two or more persons agree to place their money, labor, or skills in a business
and to share the profits and losses.
General Partnership
A _____ corporation is owned by a limited number of shareholders.
Closed
A member of the board who also serves as an officer is a(n) _____ director.
Inside
The rules that govern the internal operation of a corporation are called the _______.
Bylaws
Small corporations can avoid double taxation by electing to be treated as a(n) _______.
S Corporation
Small corporations can avoid double taxation by electing to be treated as a(n) _______.
Tender Offer
In a _____ merger, the shares in the disappearing corporation are automatically converted into shares in
the surviving corporation.
Non-Cash
In a _____, a stock purchase is financed by debt.
Leveraged Buyout
A partnership is not automatically dissolved upon a partner's ______, and the partners holding a
majority of the partnership interests may elect to continue the general partnership.
All of the responses are correct
The _____ doctrine prevents a third party who acts as if it were doing business with a corporation from
later claiming that the corporation is not really a corporation.
Corporation by Estoppel
Which of the following statements is NOT true regarding the advantages and disadvantages of a sole
proprietorship?
It is usually easy for sole proprietorships to raise capital
Which of the following statements is NOT true regarding limited partnerships?
