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Exam 17: Business Organizations

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Question 41

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Deb and Elle are partners in Foundations,a counseling clinic.Deb manages the business.For this service,unless the partnership agreement states otherwise,she is entitled to pay in proportion to her

A) effect on the business.
B) effort.
C) capital contribution.
D) none of the choices.

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Question 42

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A limited liability company is a citizen only of the state in which it was formed.

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Question 43

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In many instances,agency law governs the relationships among partners.

A franchisor does not have good cause to terminate a franchise for a franchisee's failure to meet specified sales quotas.

Ruby is interested in buying a franchise from Snax Stores Inc.This transaction,like other franchise deals,is regulated to protect

Teresa buys a franchise from Urgent Care Clinics,LLC.If their agreement is like most franchise agreements,it will specify that Urgent can terminate the franchise

eSports Inc.offers entrepreneurs the opportunity to operate a franchise under the eSports trade name as the owner of a game-playing venue.To possible franchisees,eSports makes earnings claims.For those claims,the franchisor

Any person who does business must create a separate business organization.

Bhat and Cho do business as Day Glow Paints,a partnership.In most states,for the purposes of collecting judgments and having accounting performed,this firm would be treated as

Every act of a partner concerning partnership business binds the firm.

To protect a franchisor's reputation,a franchise contract may provide a degree of control over the franchisee's operation to the franchisor.

Riki contracts to buy a franchise from Sushi Company.In this contract,as in most franchise contracts,the determination of the territory to be served is made by