'LAW 531 Week 1 Knowledge Check Essay\r'

'Which of the avocation is adjust up of a association?\r\n union owners argon solitary(prenominal) taxed once on earnings.\r\nA stomach terminates upon the death of an owner.\r\nA muckle is a separate sanctioned entity.\r\nCorporation sh beholders are eccentric to un limit personal indebtedness.\r\n emblemset\r\n2\r\nThere are two normal abetter _or_ abettors, each(prenominal) of whom contri entirelyes $5,000 in large(p) to a modified alliance. There are two limit pardners, all(prenominal) of whom contributes $20,000. The total measure of capital contributed is $50,000. The limited confederation capital of New Hampshire does non stipulate how remuneration and losses are\r\nto be allocated. Assume that the limited cooperatorship move overs $300,000 in profits. Under the rewrite similar Limited fusion issue (RULPA), how much would individually partner develop?\r\n individually universal partner would take up $30,000, and apiece limited partner would be sick on $120,000. Each prevalent partner would slang $50,000, and each limited partner would receive $100,000.\r\nhttps:// new-fangledclassroom3.phoenix.edu/ essay/ try out.jsp?launchPresentationR…RIS:43590667&serverTime=2013-08-20T04:23:56.746+00:00#/ perspective/aftermath\r\n knave 1 of 6\r\n8/19/13 9:24 PM\r\n acquire Over\r\nAll partners would receive $75,000, heedless of whether he or she is a command or limited partner.\r\nEach widely distributed partner would receive $120,000, and each limited partner would receive $30,000.\r\n advance\r\n3\r\nWhich of the pursual is true regarding mediation?\r\nA mediator does not make a decision or an award.\r\nIf a firmness of purpose conformity is not reached in mediation, whence the parties hire a new mediator.\r\nWas created by the Federal intermediation symbolise of 1925.\r\nA shutdown agreement is never reached with a mediator.\r\n jog\r\n4\r\nGeorge has served bloody shame with a billing alleging give aw ay of contract. Mary has never been sued out front and as such, she seeks your advice on what to do with the complaint. You advise that she\r\n dissolve George’s complaint but do not provide whatever affirmative defenses that George can subroutine against her\r\nanswer George’s complaint by admitting or denying the allegations George has maintain against her write a earn to the judge saying that George is fake\r\nshould not respond to George’s complaint as an answer implies an admission\r\n temper\r\n5\r\nWhich of the spare-time activity is true of arbitrament?\r\nA judicial proofreader makes recommendations to the parties.\r\nOne party comm just drops the case.\r\nParties can introduce induction to support their case.\r\nA outcome may or may not be reached.\r\nCorrect\r\nhttps://newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationR…RIS:43590667&serverTime=2013-08-20T04:23:56.746+00:00#/ go through/result\r\n foliate 2 of 6\r\n8/19 /13 9:24 PM\r\n6\r\nWhich of the following is one of the major purposes of a settlement\r\n convocation?\r\nTo conduct discovery for a case\r\nTo contest the topical anaesthetic court rules\r\nTo facilitate the settlement of a case\r\nTo construction a settlement retribution schedule\r\nCorrect\r\n7\r\nWhat is the effect of having a dope as the habitual partner of a limited partnership?\r\nEach shareholder of the corporation leave behind be hard-boiled as a limited partner of the limited partnership.\r\nThe obligation of the corporate general partner will be limited to the amount of its assets.\r\nThe limited liability of the corporation will result in the limited partners having greater liability than they would otherwise.\r\nEach shareholder of the corporation will be treated as a general partner of the limited partnership.\r\nCorrect\r\n8\r\nWhich of the following is true or so the excerption of caper entity for an entrepreneur?\r\nThe cream is unyielding by the cozy R regularue Service found on all the details and circumstances.\r\nThe extract takes into account many factors, including finding an option that has all the characteristics desired.\r\nThe excerpt is determined solely by whether the primary furrow is ascertain or goods. The choice is determined solely by the amount of capital invested.\r\nCorrect\r\n9\r\nWhich form of alternative deviation resolution occurs when the parties choose an candid third party to memorize and regulate their dis sicke?\r\nhttps://newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationR…RIS:43590667&serverTime=2013-08-20T04:23:56.746+00:00#/view/result\r\n pageboy 3 of 6\r\n8/19/13 9:24 PM\r\nMinitrial\r\nArbitration\r\n atonement\r\nMediation\r\nCorrect\r\n10\r\nFred and ginger are general partners in a business. They decide to grease ones palms a structure for the partnership. peppiness will put up the money for the create, and Fred will complete the remodeling. While insp ecting the building, Fred is certain that the building is packed adept of asbestos. He fails to tell Ginger of the presence of the substance. They buy the building and go into business. During the remodeling of the building, people from the region begin complaining about the dust from the building. Some of them pull down threaten to sue. Who is probable?\r\nFred is nonresistant(predicate) because he was put on notice of the presence of the substance. Ginger is not liable because she did not have existent knowledge.\r\n incomplete Ginger nor Fred are liable personally, nor is the partnership, as they did not put the substance in the building.\r\n two Ginger and Fred are liable, regardless of the circumstances, by virtue of the fact that they are partners.\r\nGinger is liable because she is the one who purchased the building. Fred is not liable, even though he had actual knowledge, because he did not purchase the building.\r\nCorrect\r\n11\r\nMartha started a flower shop as a s ole proprietor. after 1 year, she was forced to miserly the shop because business was so bad. At that time, the business assets be $50,000, but the business liabilities come $125,000. Which of the following statements is true?\r\nMartha’s business creditors can lay away only the $50,000 of business assets.\r\n formerly Martha terminates the sole proprietorship, she is no drawn-out liable for the $50,000.\r\nMartha’s business creditors can collect only the $50,000 now, but if Martha ever goes into business again, they can get the assets of the new business.\r\nMartha is personally liable for the supernumerary $75,000 owed to business creditors.\r\nCorrect\r\nhttps://newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationR…RIS:43590667&serverTime=2013-08-20T04:23:56.746+00:00#/view/result\r\nPage 4 of 6\r\n8/19/13 9:24 PM\r\n12\r\nWhich type of business formation is typically reserved for professionals such as accountants, lawyers, and doctors?\r\nLimi ted Liability keep company (LLC)\r\nLimited Liability confederation (LLP)\r\nFranchise\r\nS-Corporation\r\nCorrect\r\n13\r\nWhich of the following is true in the creation of a general partnership?\r\nThe find out selected cannot advert that it is a corporation.\r\nThe business name must have the name calling of all the partners.\r\nThe business cannot operate under a flip name.\r\nThe business name cannot be a fictitious name.\r\nCorrect\r\n14\r\nWhich of the following is true of The Federal Arbitration Act?\r\nIt permits an appeal for all arbitration awards.\r\nIt provides that arbitration agreements are valid, irrevocable, and enforceable.\r\nIt applies only to breach of contract disputes.\r\nIt governs all types of alternative dispute resolution.\r\nCorrect\r\n15\r\nWhen parties agree in advance to adhere to an referee’s decision and award, it is cognize as\r\nbinding arbitration\r\nhttps://newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationR…RIS:43590 667&serverTime=2013-08-20T04:23:56.746+00:00#/view/result\r\nPage 5 of 6\r\n8/19/13 9:24 PM\r\narbitrator discretion\r\nappealable\r\nmediation\r\nCorrect\r\n16\r\nThe unforgiving Squirrel limited partnership has been in operation for many years, but has recently fallen on hard times. The partners have unconquerable to dissolve, although there are a couple of(prenominal) assets remaining in the partnership. abruptly after the partnership filed its present of limited partnership, the partners had the foresight to structured into their partnership agreement a preparedness that, in the lawsuit of dissolution, the assets would be distributed in payment of claims first to limited partners, therefore to general partners, then to creditors.\r\nHilda is a limited partner and feels jutting that she will receive at least a component part of her capital. Henry, one of the general partners, give tongue to that this provision is void and unenforceable. Which of the following best describes this situation?\r\nThe provision placing limited partners onward of general partners is unenforceable, thus all partners would be on an equal primer and ahead of creditors.\r\nThe provision placing the partners ahead of creditors is not enforceable, but the precedence of limited partners over general partners is enforceable.\r\nThe distribution of assets in the instance of dissolution is one of the hardly a(prenominal) provisions where the Revised Uniform Limited Partnership Act does not allow modification.\r\nThe distribution, as called for in the agreement, would be enforceable if it had been included in any filings related to the limited partnership.\r\n wrong(p)\r\nhttps://newclassroom3.phoenix.edu/Quiz/Quiz.jsp?launchPresentationR…RIS:43590667&serverTime=2013-08-20T04:23:56.746+00:00#/view/result\r\n'