1.Which of the following statements is NOT true about a partnership name? a.The

ID: 2441535 • Letter: 1

Question

1.Which of the following statements is NOT true about a partnership name?

a.The name is an asset of the partnership that may be sold or assigned.

The name must include the word "company" in it.

c.The partnership must comply with the state's assumed name provisions if the partners’ names are not included.

The partnership may face criminal liability for an improper name.

2. Which of the following is NOT a recognized advantage of doing business as a corporation?

a.Investors have limited liability for the debts of the corporation.

A corporation can have perpetual existence.

Usury laws apply to corporations.

It is easier to raise substantial capital.

3.ABC, Inc., is dissolving and had enough assets to pay its creditors. Any remaining assets will be distributed ______.

To a charitable organization

To the original investors in the corporation

To officers and directors of the corporation

Proportionally to shareholders

4. The equitable doctrine that distributes assets of an insolvent partnership first to creditors of the partnership is ______.

equitable distribution

b comity of assets

marshaling of assets

partnership partition

5. The comment period is a stage in ______.

formal rulemaking

informal rulemaking

all forms of rulemaking

hybrid rulemaking

a.The name is an asset of the partnership that may be sold or assigned.

The name must include the word "company" in it.

c.The partnership must comply with the state's assumed name provisions if the partners’ names are not included.

The partnership may face criminal liability for an improper name.

1. a.The name is an asset of the partnership that may be sold or assigned.

2. c. Usury laws apply to corporations.

3. d. Proportionally to shareholders

4. c. marshaling of assets

5. b. informal rulemaking

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