WEEK 8 QUIZ 1 August 10, 2021/in Uncategorized /by Davis QUESTION 1 All the business forms listed below have limited liability EXCEPT the a. “S” corporation. b. limited liability company. c. corporation. d. general partnership. 3.5 points QUESTION 2 Corporations have a distinct advantage over other forms of business organization in the area of taxation. True False 3.5 points QUESTION 3 Which is true of an S corporation? a. There can be no more than 50 shareholders. b. There can be only one class of stock. c. A majority of shareholders must agree the company should be an S corporation. d. All of these are correct. 3.5 points QUESTION 4 In many ways, a limited liability company can be thought of as a cross between a. a sole proprietorship and a social enterprise. b. a corporation and a franchise. c. a corporation and a sole proprietorship. d. a joint venture and a partnership. 3.5 points QUESTION 5 A social enterprise must do all of the following EXCEPT a. state in its charter that it is a benefit corporation. b. obtain approval of its charter from two-thirds of its shareholders. c. measure its social benefit using a standard set by an objective third party. d. register with the state as a nonprofit organization. 3.5 points QUESTION 6 Charles and Ellen, an unmarried couple, run an ice cream store. The business is not incorporated, and they have filed no formation papers with the state. Their business is a a. partnership. b. limited liability company. c. sole proprietorship. d. franchise. 3.5 points QUESTION 7 Social enterprises are organizations that pledge to behave in a socially responsible manner, even as they pursue profits. True False 3.5 points QUESTION 8 The phrase “piercing the company veil” applies to which type of organization? a. a limited liability company b. an S corporation c. a general partnership d. a close corporation 3.5 points QUESTION 9 Most franchisors and franchisees are a. social enterprises. b. sole proprietorships. c. corporations or LLCs. d. partnerships. 3.5 points QUESTION 10 The term “S Corporation” comes from a. the Internal Revenue Code. b. state corporation law. c. the Securities and Exchange Commission. d. the FTC rules. "Get Help With Your Essay. If you need assistance with writing your essay, our professional essay writing service is here to help! Order Now https://essaysglobe.com/wp-content/uploads/2020/06/logo-EG.png 0 0 Davis https://essaysglobe.com/wp-content/uploads/2020/06/logo-EG.png Davis2021-08-10 07:54:562021-08-10 07:54:56WEEK 8 QUIZ 1