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Multiple Choice Quiz
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1
Jane wants to create a corporation to promote AIDS research. Jane should create a _____.
A)private, for profit
B)private, nonprofit
C)public, for profit
D)public, nonprofit
2
Luis incorporates ABC Co. in West Virginia but wants to transact business in Ohio and Virginia also. ABC Co. must obtain a certificate of authority from _____.
A)West Virginia
B)Ohio only
C)Ohio and Virginia only
D)West Virginia, Ohio, and Virginia
3
A close corporation has fewer than _____ shareholders.
A)100
B)75
C)50
D)25
4
The _____ run the daily operations of an L.L.C.
A)directors
B)officers
C)managers
D)agents
5
Jill, a promoter, wants to be released from a preincorporating contract. Jill needs a(n) _____ contract.
A)novation
B)adoption
C)relinquishment
D)beneficiary
6
The work of a promoter typically ends when _____.
A)a statutory agent is appointed
B)an organizational meeting is held
C)articles are filed with the Secretary of State
D)a charter is issued
7
Depending upon state law, an L.L.C. operating agreement may be _____.
A)oral
B)written
C)implied
D)oral or written
8
Ann attempted to incorporate ABC Co. but failed to designate a statutory agent. Ann has created a _____ corporation.
A)de facto
B)de fine
C)de credere
D)de romaro
9
An S corporation uniquely _____.
A)avoids double taxation
B)avoids personal liability
C)avoids all taxes
D)avoids double taxation and personal liability
10
A corporation name _____.
A)may not be reserved
B)may be reserved
C)may only be reserved if a court approves
D)may be reserved if no private party objects





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