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26 Nov 2019

Which of the following is not a feature of a corporation? a. Limited liability of its owners b. Centralized management c. Limited transferability of ownership d. Permanent life apart from its owners

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Use the following criteria, specify the legal form of business that is favored: (a) organizational requirements and costs, (b) liability of the owners, (c) the continuity of the business, (d) the transferability of ownership, (e) management control and regulations, (f) the ability to raise capital, and (g) income taxes.

Chapter 1 (page 19) 1. What is the most important difference between a corporation and all other organizational forms? 2. What does the phrase limited liability mean in a corporate context? 3. Which organizational forms give their owners limited liability? 4. What are the main advantages and disadvantages of organizing a firm as a corporation? 5. Explain the difference between an S corporation and a C corporation.

Which of the following is NOT true about a cooperative?

A.

A cooperative is a form of co-ownership of a multiple-dwellingbuilding in which a corporation owns the building and the residentsown shares in the corporation.

B.

Usually, cooperative owners may not sell their shares orsublease their units without the approval of the other owners.

C.

Individual residents may secure loans for the units theyoccupy.

D.

The corporation can borrow money on a blanket mortgage, and eachshareholder is jointly and severally liable on the loan.

E.

Each cooperative owner leases a unit in the building from thecorporation under a renewable, long-term, proprietary lease.

Which of the following is NOT true about a condominium?

A.

Condominiums are a common form of ownership in multiple-dwellingbuildings.

B.

Owners may sell or mortgage their units without the permissionof the other owners.

C.

Usually, condominium owners may not sell or sublease their unitswithout the approval of the other owners.

D.

In addition to being used for dwelling units, the condominiumform of ownership is often used for office buildings, boat docks,and the like.

E.

Purchasers of a condominium (1) have title to their individualunits and (2) own the common areas (e.g., hallways, elevators,parking areas, recreational facilities) as tenants in common withthe other owners.

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