Posted: April 30th, 2016

6. Which of the following is a false statement about board of directors?

4. Which of the following is not a disadvantage of a corporate form of entity?
a. Double taxation
b. Incorporation costs
c. Accumulating or raising capital (THIS IS THE ANSWER)
d. Regulations
Answer: C

5. Which of the following statements is not true?
a. Most states allow an easy transition from a conventional partnership into an LLP
b. Most common law and statutory law from partnership law applies to LLPs
c. LLP do not require state filings ? (THIS IS THE ANSWER)
d. All corporations are either subchapter S or C corporations
Answer: C, because articles of LLP must be file with secretary of state.

6. Which of the following is a false statement about board of directors?
a. Board members may not use corporate assets
b. Board members may not profit from the company with or without permission of the entity
c. Board members can not compete directly with the entity
d. Board members cannot be board members of a competing company (THIS IS THE ANSWER)
Answer: D, because BOD serve as a director of any competing companies

7. A company’s audit committee should have at least one member considered to be a financial expert. Which of these is not an example of a financial expert?
a. Prior experience as a controller of a large corporation
b. Previous work in a public accounting firm
c. Prior experience as an internal auditor
d. A member of a professional accounting/finance association (THIS IS THE ANSWER)
Answer: D

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