State Securities Laws and Limited Partnership Legal Requirements Quiz

Which statement about limited liability partnerships (LLPs) is correct?

Which statement about sole proprietorships is true?

Which statement about limited partnerships is correct?

Which statement about general partnerships is true?

Which statement about agents is false?

Which statement about fictitious names is true?

Which statement about S Corporations is correct?

Which document must be filed with the Division of Corporations to legally create a Limited Partnership?

What must a Limited Partnership do if it wants to transact business in another state?

What document must be filed with the Division of Corporations to create a Limited Liability Partnership?

Is it true that there is only one name for Limited Liability Limited Partnership?

What is S.E.C Form S-1 used for?

What may a court do if a corporation does not comply with necessary formalities?

What is the abbreviation used as a suffix in Florida to indicate that a business is a professional corporation?

According to Chapter 605 of Florida Statutes, which statement is true about Limited Liability Companies (LLCs)?

Which statement is true about Limited Partnerships (LPs) according to the text?

Which statement is true about general partnerships?

Which statement is true about Limited Liability Partnerships (LLPs)?

Which statement is true about filing an SS-4 form?

How long are fictitious name registrations valid for in Florida?

Which of the following is the required form to obtain tax deductions for a home office?

Which two federal acts play the largest role in the formation and regulation of public corporations?

What is the term for a doctrine that requires that, upon dissolution of a not-for-profit corporation, all of its assets be distributed to an organization existing for similar purposes?

Which of the following is the rule that requires creditors to look to business assets first before going after the partners’ personal assets?

Which of the following is the term for someone authorized by the principal to handle a definite business transaction or to do a specific act?

What is the term for profits paid out to shareholders in proportion to each shareholder’s interest in the corporation?

Which of the following documents are the two necessary documents to form a limited liability company?

Which of the following is the form for a public corporation’s annual report?

Which of the following is the purpose of the Sarbanes-Oxley Act federal law?

A Limited Liability Partnership in Florida is only available to businesses that provide professional services.

Limited Partnerships can raise additional capital through debt capital and equity capital.

To create a limited liability company, you must file an Operating Agreement with a Division of Corporation.

A general partnership is a tax-reporting entity.

Limited partners in a Limited Partnership are not fiduciaries of the partnership.

Marsha is opening a florist shop as a sole proprietor; she’s not hiring any employees and not setting up a retirement plan. She does not have to file an SS-4 form.

Fictitious name registrations are valid for ten years in Florida.

True or false: The document that must be filed with the Division of Corporations to legally create a Limited Partnership is a Certificate of Limited Partnership.

True or false: If a Limited Partnership wants to transact business in another state, it must file to become a foreign Limited Partnership in that state.

True or false: The document that must be filed with the Division of Corporations to create a Limited Liability Partnerships is a Statement of Qualification.

True or false: There’s only one name for Limited Liability Limited Partnership.

True or false: S.E.C Form S-1 is a registration statement that is filed to transition from a private to a public corporation.

True or false: If a corporation does not comply with necessary formalities, a court may pierce the corporate veil.

True or false: In Florida, a fictitious name registration is valid for five years.

An undisclosed principal means that the agent is fully disclosed to third parties.

The liability of an employer for the negligent hiring of an employee is based on the doctrine of Respondeat Superior.

A general partnership must file an application with each state other than the state of formation in which it wants to conduct business.

The document that legally creates a Limited Liability Partnership is the “Statement of Qualification.”

Chapter 621 of the Florida Statutes governs professional Corporations.

Registration of a fictitious name reserves and protects it against another party's use.

The document that a general partnership must file to place third parties on notice of limitations on a partner’s authority to act on behalf of the partnership is a 'Registration Statement.'

The form for a public corporation's annual report is 10-K.

The two necessary documents to form a limited liability company are Articles of Organization and Operating Agreement.

Dividends are profits paid out to shareholders in proportion to each shareholder's interest in the corporation.

The purpose of the Sarbanes-Oxley Act federal law is to assist companies in tax evasion by improving the accuracy and reliability of corporate disclosures.

The doctrine that requires that, upon dissolution of a not-for-profit corporation, all of its assets be distributed to an organization existing for similar purposes is the Doctrine of Cy Pres.

Federal securities laws are sometimes referred to as Blue Sky Laws.

A Special Agent is someone authorized by the principal to handle a definite business transaction or to do a specific act.

The three fiduciary duties of corporate directors are Duty of Care, Duty of Loyalty, and Duty of Good Faith.

The rule that requires creditors to look to business assets first before going after the partners' personal assets is Marshaling of Assets or Exhaustion Rule.

Chapter 605 of Florida Statutes governs ______

A certificate of Limited Partnership must include the names of all the ______ partners but not the limited partners

A Limited Liability Partnership in Florida is only available to businesses that provide ______ services

Limited Partnerships can raise additional capital through ______ capital and equity capital

To create a limited liability company, you must file an Operating Agreement with a ______ of Corporation

A general partnership is a ______-reporting entity

Limited partners in a Limited Partnership are not ______ of the partnership

An agent is not personally liable for any injury caused by their ______

A not-for-profit corporation is a type of corporation that does not have ______

In a sole proprietorship, there are no limits on how many people may be employed by the ______

For an employer to be liable for the negligent hiring of an employee, it must show that the employer could have reasonably foreseen injury to the ______

A business corporation is governed by Chapter ______ of the Florida Statutes

The liability of an employer for the negligent hiring of an employee is based on the doctrine of ______

Activities in which limited partners may participate are referred to as ______

Under _________ doctrine, the unanimous consent of the partners is required to confer partnership on another person.

A ________ is the term for the preliminary prospectus of a corporation.

A ________ is the term for a corporation owned by another corporation.

If a general partnership wants to limit its liability for the actions of one of the partners, it must file a ________ statement and a statement of ___________ with the Division of Corporations.

The type of relationship resulting from the creation of an agency relationship is called ____________.

Which form must be completed to obtain an employer identification number.

In Florida, for how long is a written subscription agreement irrevocable.

Which of the following is the form for a public corporation’s annual report. 10-K

Which of the following are the two necessary documents to form a limited liability company. ______.

What is the term for profits paid out to shareholders in proportion to each shareholder’s interest in the corporation.

The purpose of the Sarbanes-Oxley Act federal law is to assist companies in tax evasion by improving the accuracy and reliability of corporate disclosures.

Which of the following is the doctrine that requires that, upon dissolution of a not-for-profit corporation, all of its assets be distributed to an organization existing for similar purposes.

State Securities laws are sometimes referred to as.

Which of the following is the term for someone authorized by the principal to handle a definite business transaction or to do a specific act.

Which of the following are the three fiduciary duties of corporate directors.

Which of the following is the rule that requires creditors to look to business assets first before going after the partners’ personal assets.

Which of the following federal acts is responsible for protecting investors by ensuring more accurate and reliable corporate financial disclosures?

Which of the following is the correct form to file with the IRS to obtain tax deductions for a home office?

Which of the following federal acts play the largest role in the formation and regulation of public corporations?

True or false: The purpose of the Sarbanes-Oxley Act federal law is to protect investors by ensuring more accurate and reliable corporate financial disclosures.

True or false: The Securities Act of 1933 and the Securities Exchange Act of 1934 play the largest role in the formation and regulation of public corporations.

True or false: The term 'Doctrine of Cy Pres' refers to the doctrine that requires that, upon dissolution of a not-for-profit corporation, all of its assets be distributed to an organization existing for similar purposes.

Which chapter of the Florida Statutes governs the formation and operation of corporations in Florida?

What is the term for the document that must be filed with the Division of Corporations to legally create a Limited Partnership?

What is the term for the profits paid out to shareholders in proportion to each shareholder’s interest in the corporation?

What is the term for the federal law that is designed to protect investors by ensuring more accurate and reliable corporate financial disclosures?

What is the term for the federal acts that play the largest role in the formation and regulation of public corporations?