32. Which of the following is false regarding decision making in a partnership?

Q: 32. Which of the following is false regarding decision making in a partnership?

32. The answer is "b. A partnership is prohibited from placing managerial control of the business in one partner." 33. The answer is "c. Since the mid-1930's, Delaware has been considered the preeminent state for incorporation." 34. The answer is "b. corporation de facto" 35. The answer is "d. The board of directors implements the decisions of the officers"

ID: 2431089 • Letter: 3

Question

32. Which of the following is false regarding decision making in a partnership? a. Each partner's assets are vulnerable to the poor business decisions of the fellow partners. b. A partnership is prohibited from placing managerial control of the business in one partner. c. Unless the partners expressly agree otherwise, partnership law requires unanimous agreement of all partners on all but the most ordinary matters. d. If the partners in an informal partnership cannot agree on a decision, they may disband the partnership. distribute its assets, and terminate it. 33. Which of the following is true regarding incorporation? a. A corporation must be incorporated in the state in which it has its principal place of business. b. Laws regarding incorporation and the rights and duties of corporations are uniform from state to state. c. Since the mid-1930's, Delaware has been considered the preeminent state for incorporation. d. Incorporation may be done pursuant to common law as well as st 34. When a third party, based on all of its transactions with the enterprise, acts as if it were doing business with a corporation, the third party is prevented from claiming that the enterprise is not a corporation because a(n) has been formed. a. partnership by estoppel b. corporation de facto c. corporation de jure d. corporation by estoppel 35. Which of the following statements is not true regarding the characteristics of a corporation? a. A corporation is a legal entity distinct from its owners. b. A corporation is owned by shareholders. c. The corporation itself is responsible for its liabilities. d. The board of directors implements the decisions of the officers.

Explanation / Answer

32. The answer is "b. A partnership is prohibited from placing managerial control of the business in one partner."

33. The answer is "c. Since the mid-1930's, Delaware has been considered the preeminent state for incorporation."

34. The answer is "b. corporation de facto"

35. The answer is "d. The board of directors implements the decisions of the officers"

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32. Which of the following is false regarding decision making in a partnership?

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