Question 1

For those wishing to purchase a franchise,the Federal Trade Commission acts as a guardian ensuring that the business idea is sound and that the information in the Franchise Disclosure Document is accurate.

Accepted Answer

A) True 
 B)False

Question 2

A limited liability company,unlike an S corporation,can have members that are corporations,partnerships,or nonresident aliens.

Accepted Answer

A) True 
 B)False

Question 3

Compare and contrast the following forms of business organization: sole proprietorship,general partnership,limited liability company,and corporation as to ease of formation,liability of owners,management,and tax implications.

Accepted Answer

A sole proprietorship is an uninc...

Question 4

The most common form of business ownership is the corporation.

Accepted Answer

A) True 
 B)False

Question 5

A court may pierce an LLC's veil if

Accepted Answer

A)  members fail to provide adequate capital.
B)  members treat the LLC like a separate organization.
C)  members keep their assests and the assets of the LLC separate.
D)  the LLC has too many members.

Exam 31: Starting a Business: LLCs and Other Options

Compare and contrast the following forms of business organization: sole proprietorship,general partnership,limited liability company,and corporation as to ease of formation,liability of owners,management,and tax implications.

Correct Answer
verified
A sole proprietorship is an uninc...
View Answer

A limited liability company,unlike an S corporation,can have members that are corporations,partnerships,or nonresident aliens.

Correct Answer
verified

The most common form of business ownership is the corporation.

Correct Answer
verified

A court may pierce an LLC's veil if

Correct Answer
verified

For those wishing to purchase a franchise,the Federal Trade Commission acts as a guardian ensuring that the business idea is sound and that the information in the Franchise Disclosure Document is accurate.

Correct Answer
verified

Exam 31: Starting a Business: LLCs and Other Options

Compare and contrast the following forms of business organization: sole proprietorship,general partnership,limited liability company,and corporation as to ease of formation,liability of owners,management,and tax implications.

Correct AnswerverifiedA sole proprietorship is an uninc...View AnswerShow Answer

A limited liability company,unlike an S corporation,can have members that are corporations,partnerships,or nonresident aliens.

Correct AnswerverifiedShow Answer

The most common form of business ownership is the corporation.

Correct AnswerverifiedShow Answer

A court may pierce an LLC's veil if

Correct AnswerverifiedShow Answer

For those wishing to purchase a franchise,the Federal Trade Commission acts as a guardian ensuring that the business idea is sound and that the information in the Franchise Disclosure Document is accurate.

Correct AnswerverifiedShow Answer

Correct Answer
verified
A sole proprietorship is an uninc...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified