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Homework answers / question archive / Singapore American School ECON 102 Quiz 10 1)A good partnership agreement may organize the repayment to third parties of partnership debts set out the priority of claims against the partnership upon dissolution of the partnership determine the objectives and responsibilities of the partners limit the liability of any one partner for joint and several liability   2

Singapore American School ECON 102 Quiz 10 1)A good partnership agreement may organize the repayment to third parties of partnership debts set out the priority of claims against the partnership upon dissolution of the partnership determine the objectives and responsibilities of the partners limit the liability of any one partner for joint and several liability   2

Economics

Singapore American School

ECON 102

Quiz 10

1)A good partnership agreement may

  1. organize the repayment to third parties of partnership debts
  2. set out the priority of claims against the partnership upon dissolution of the partnership
  3. determine the objectives and responsibilities of the partners
  4. limit the liability of any one partner for joint and several liability

 

2. The best answer in regards to a corporation is:

  1. Shareholders are not liable for the debts of the corporation so can only lose what they invested in shares
  2. A corporation is not vicariously liable for acts of employees in the course of their employment
  3. Directors must pay dividends to shareholders out of profits
  4. A closely held corporation may not restrict who may own shares of that corporation

 

3. Regarding the law of directors, which statement is correct?

 

  1. In a closely held corporation the number of directors is restricted to the number of shareholders
  2. Directors and officers may expose the corporation to criminal liability
  3. Directors may not be held personally liable for environmental torts of the corporation

If the directors are not acting in the best interests of the corporation, the shareholders can ask for

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