Define board director, what are their duties, and contribution to the firm
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3.Define board director, what are their duties, and contribution to the firm
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- Explain the basic governance structure of a corporation (i.e., the interrelationship of shareholders, officers, and directors).Question 10 I. The dissolution of the partnership discharges the existing liability of any partner. II. The individual property of a deceased partner shall be liable for all obligations of the partnership incurred while he was a partner, but subject to the prior payment of his separate debts. a. Only I is correct b. Only II is correct c. Both are true d. Both are false5. Which of the following distinguishes a partnership from a corporation? A) A partnership is formed by two or more owners. B) There is a relative ease in financing the operations and investments of the company due to owners pooling their resources. C) Multiplicity of owners is beneficial for brainstorming. D) The liability of the firm generally extends to its owners. 6. Which of the following best describes agency cost? A) Costs involved with any effort to minimize the conflict between the principal's interest and the 2/3. B) Cost incurred by an agent to facilitate the creation of an agency relationship with theirprincipal. C) Cost incurred by a principal to establish an agency. D) Agency costs are irrelevant costs that are not measurable nor recognized in the face of the Financial Statement and is therefore not a cost to a company. in the long-term. 7. Which of the following is a valid reason why Financial Managers should put emphasis on long-term growth rather than short-term profit…
- In order to expand its business, a few years ago, Leeds Ltd purchased 43% of the ordinary shares of Salford Ltd. The remaining 57% shareholdings are held by three other shareholders who possess the equal proportions of shares. Required: (1) Explain the concept of de facto control. (40 to 50 words) (2)According to the above scenario, explain whether Leeds Ltd can control Salford Ltd. (50 to 60 words)24. When determining whether a partnership exists, which of the following factors would a court consider? Group of answer choices A. Whether the organization intended to make a profit B. Were the participants involved in the management of the business? C. Did the participants have an agreement? D. All of the aboveExplain the board of directors.
- 1. Discuss the nature and classes of corporation. 2. What are the powers of corporation? 3. Explain the qualifications of Board of Directors. 4. How can you remove a Corporate Officer? 5. Enumerate the powers and fiduciary duties of the Board of Directors or Corporate Officers.Explain the difference between a sole proprietorship, LLC/PLLC, and corporation. Include advantages, disadvantages, and examples. 7What are the directors
- what are the benefits and detriments of being a general partner versus a limited partner of a limited partnership. explain pls1. Which of the following is an advantage of partnerships? a. Each partner has limited liability for the debts of a business. b. Each partner is responsible only for his or her acts. c. A business continues to exist even after the death of any one partner. d. More capital can be raised since good credit may be available. 2. Which of the following factors should be considered while choosing the proper legal form for a business? a. Packaging of the product b. Location of the factory c. Nature of the business d. Name of the product 3. Once the choice of a legal form for a new business has been made, it cannot be changed until the business is dissolved or sold. a. True b. False 4. An equal partnership between owners is advisable in order to facilitate decision-making. a. True b. False 5. Which of the following is an advantage of a corporation? a. It cannot make use of a business owner's personal property…Lake Foundry is a small company producing aluminum and copper components for local industries. The company uses traditional methods of manufacture and is managed by Mr. W Shore and his son Mr. A Shore. The ordinary share capital is owned equally by the two men and the company is at present going through a transitional stage, whereby Mr. W Shore is retiring from the business and transferring the majority of his shareholding to his son. The company employs 24 persons and has an annual turnover of $650,000. The accounting records comprise a memorandum (paper based) cash book, nominal ledger, sales and purchase ledgers. At present, sales orders, which are normally received on the telephone, are recorded in a two-part delivery note book only when the order has been produced and is ready for dispatch to the customer. When the goods are delivered, one part of the delivery note is given to the customer and the other part remains in the book. The sales orders are…