uestion 65 Note: this question may have more than one correct answer. Under the revised MBCA,...

uestion 65

Note: this question may have more than one correct answer. Under the revised MBCA, if there are business debts following a defective incorporation, liability for the debts will be imposed on which of the following?

	a.	Shareholders who participated in management and policy decisions and knew of the defective incorporation.
	b.	Managers who participated in decision-making while the corporation was operating.
	c.	Promoters who knew of the defective incorporation.
	d.	Shareholders who acted as if a corporation had been formed.

Question 66

Note: this question may have more than one correct answer. Which factors are required for the formation of an LLC?

	a.	Annual reports should be filed with the Secretary of State.
	b.	The name of the LLC must include the words "limited liability company" or some other clear indication of the limited liability feature.
	c.	It must be set up so that it can be easily dissolved.
	d.	Articles must be filed with the Secretary of State.

Question 67

Note: this question may have more than one correct answer. Which of the following are characteristics of a closely held corporation?

	a.	minority shareholders are provided more protection than in regular corporations
	b.	the corporation can typically operate without a board of directors
	c.	the shareholders usually restrict share transfer
	d.	the shares are not publicly traded

Question 68

Note: this question may have more than one correct answer. Which of the following statements are True about the Securities Exchange Act of 1934?

	a.	It is a blue-sky law.
	b.	It regulates short-swing profits in order to stop speculative insider trading.
	c.	Rule 10b-5 of the Securities And Exchange Act of 1934 applies to securities that do not have to be registered.
	d.	It requires periodic disclosures from issuers of securities.

Question 69

Note: This question may have more than one correct answer.

Title VII of the Civil Rights Act of 1964 precludes discrimination against which of the following persons:

	a.	women
	b.	homosexual and lesbian persons
	c.	persons with physical disabilities
	d.	persons who were not born in the USA

Solutions

Expert Solution

Under the revised MBCA, if there are business debts following a defective incorporation, liability for the debts will be imposed on which of the following?

Answer = (A) Shareholders who participated in management and policy decisions and knew of the defective incorporation

Which factors are required for the formation of an LLC?

Answer = (B) The name of the LLC must include the words "limited liability company" or some other clear indication of the limited liability feature

(D) Articles must be filed with the Secretary of State

Which of the following are characteristics of a closely held corporation?

Answer = (A) Minority shareholders are provided more protection than in regular corporations

(D) the shares are not publicly traded

Title VII of the Civil Rights Act of 1964 precludes discrimination against which of the following persons:

Answer = (B) homosexual and lesbian persons

keosha answered 1 year ago

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