Purposes of a partnership.

A partnership is an entity for purposes of: a. suing and being sued by its creditors b. employment of its partners c. owning real property d. paying federal income taxes

Business Law

When the promoters fail to comply with some of the mandatory conditions precedent to incorporation, but substantially comply with the provisions taken as a whole, what kind of corporation is created? a. a de facto corporation b. a corporation by estoppel c. a corporation quo warranto d. a de jure corporation The answ ...continues

Law Question

Question Four: In May 1997, Own, a domiciliary and resident of Ontario, Canada, invited Pas, also a domiciliary and resident of Ontario, to take a ride in Own's new automobile. Own and Pas drove across the border into New York and had several drinks in a Buffalo tavern. On leaving the tavern, they met their friend, Fri, who a ...continues

July 2001 NY Bar Exam Question & Sample Answer

This question came from the July 2001 NY Bar Exam. Can you help me with the answer. Thank you. Question 4: You are an associate with an upstate New York law firm. A senior partner seeks your assistance concerning a matter presented by a new corporate client, Chips, Inc. ("Chips"). Chips manufactures two different computer chips ...continues

Common Law

Hi I would like a some ideas on the following essay question: "Explain the inherent problems in our system of common law?" I'd like some insight into what are some major problems with a common law system. Thank you.

Business Law 315: Business associations

On the blank line beside each question below please write the letter corresponding to the sentence or phrase that best answers the question. Note: The sentences or phrases are listed after the four questions (1) How does an "account receivable" arise? ____ (2) What is "equity" in terms of the interests represented u ...continues

Business Law

I am studying for an upcoming exam and need help with the following true or false questions. Beside each of the statements below circle the letter "T" if the statement is true, or, circle the letter "F" if the statement is false. (1) Sole proprietorships are typically financed through trade credit, a bank loan, accounts r ...continues

Business Law

I need help with the following question: (1)To avoid continuing liability as a partner which of the following steps should be taken by a person retiring from a partnership carrying on business in B.C.? (Note: one or more sentences or phrases may apply). (a) Put an ad in the local newspaper advising all subscribers to the new ...continues

Business Law

My question is this: Explain why, in terms of monitoring costs and valuation costs, a court may be more willing to disregard the separate corporate entity where there is only shareholder or there are very few shareholders?

Law Quiz

Law Quiz 1. Laws can be thought of as a set of ____________ that regulate our conduct. 2. The two basic categories of law are ___________law and ____________ law. 3. A crime occurs when someone breaks a _____________________ law. 4. The two basic types of court cases are _____________ cases and _____________cases ...continues