21. One of the advantages of a sole proprietorship is that a sole proprietorship

Question

21. One of the advantages of a sole proprietorship is that a sole proprietorship enjoys perpetual existence, that is, a sole proprietorship survives the death of the owner. 22. Close corporations are never taxed at the entity level. 23 Articles of incorporation may include, as optional provisions, any provision not inconsistent with law that defines, limits or regulates the powers of any of (a) the corporation, (b) the directors, (c) the stockholders, or (d) any of them. 24. Corporations are the most common form of business organization for companies with large capital needs. 25. Generally, a partner may freely transfer the partner's share of the partnership 26. One reason to engage in business as a franchisee is to facilitate creativity, improvisation, and innovation within one's own location. 27. The state of Delaware is a preferred corporate haven. 28. Absent an election to the contrary, corporations pay taxes at the entity level 29. Generally, limited liability companies survive the death of their owners. 30. A promoter is personally liable on any contract signed before the corporation is formed and can never be relieved of personal liability. 31. A joint venture is a partnership for a limited purpose 32. In order to constitute a partnership, the enterprise must have a profit motive. 33.Within a corporation, shareholders manage the day-to-day business and affairs of the corporation 34. The liability of a joint venture passes through and is shared among the joint venture participants.

Explanation / Answer

21 False

22 False

23 D

24 true

25 false

26 False

27 True

28 True

29 true

30 false(after incorporation all the contracts are ratiifed by the co. and personal liability of promoter cease)

31 true

32 true

33 false (officials of the co. manage)

34 false (to the extent of contribution or interest in the venture)

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