what type of business entity is difficult and expensive to terminate b. unlimited liability c. that owner cannot participate in the management of the business
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- 23 - Which of the following is the process of converting a company from one legal form to another, that is, as a trading company of another type that will maintain its legal and economic identity and continuity, with a different status and title suitable for the company type?A) Liquidation in CompaniesB) Company mergerC) Division in CompaniesD) Re-establishing a CompanyE) Type changeCompanies A and B differ only in their capital structure. A is financed 30% debt and 70% equity: B is financed 10% debt and 90% equity. The debt of both companies is risk-free. a. Rosencrantz owns 1% of the common stock of A. What other investment package would produce identical cash flow for Rosencrantz? b. Guildenstern owns 2% of common stock of B. What other investment package would produce identical cash flows for Guildenstern?Describe one the conditions that must be satisfied before a derivative suit can be instituted. A. The company is under the control of the majority shareholders/directors. B. A wrong must not have been done to the company by the majority shareholders. C. Any damages awarded will not go to the company but to plaintiff shareholder. D. An individual shareholder or minority decides to sue the wrongdoers for or on behalf of company.
- 5. 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…A school of thought is of the view that a limited liability company is said to be best in respect of setting up a business, others are of the opinion that a limited liability just shifts the burden of the failure of business to a non-existent person called a company and its creditors.a) with the aid of the Company’s Act 1960, Act 179 and decided cases, discuss what is termed as a limited Liability Company b) According to case law and statute, at what time is a company liable for acts committed byits directors. c) Discuss the Mechanics of Incorporation d) Explain the Ultra Vires PrincipleBZ” is a recreational club which was organized to operate golf course for its members with an original authorized capital stock of P100M. The articles of incorporation nor the by laws did not provide for the distribution of dividends although there is a provision that after dissolution, the assets shall be given to a charitable corporation. Which of the following statement is true based on existing This is a stock corporation since its articles of incorporation and by-laws are silent, it is presumed that it can declare dividends. This is a non-stock corporation because the articles of incorporation did not provide for the distribution of dividends. The stockholders or members must amend the articles of incorporation and state clearly whether the corporation is a stock corporation or a non-stock corporation. This is a non-stock corporation because the assets after dissolution are to be given to a charitable institution.
- Mr. B’s business is not registered as a One-Person Corporation (OPC); it is thus a single proprietorship. Unable to pay his construction materials supplier, the latter wishes to go after said entrepreneur's vehicles at home. Here, can said obligation of the business be paid-off through Mr. B's other assets? Briefly reason-out.Evelyn, Francis and George, run a business buying and selling wigs. They have been advised by their lawyer to form a private limited company to run the business. They have contacted you for a second opinion, particularly in respect of:1.The extent to which they will have the same right to be involved in the management of the private limited company; 2.Thepublic disclosure to which the business would be subjected to as a private limited company. Having discussed these aspects with specific reference to the Companies Act, 2019 (Act 992), advise them of the choice they should make between the two alternatives, or any other options available to them.Michael is a newly appointed director of a public listed company. He seeks your advice on some of the latest changes in the Companies Act 2016. Advise Michael on the following matters which he has raised:(a) Rules on passing of ordinary and special resolutions.(b) Removal of directors of a public company.(a) How to determine that a corporation shall be deemed to be a subsidiary of another corporation?
- Lily wants to build a business. She has very little capital. She does, however, have a partner with which she could run a business. Lily wants to be able to avoid being held personally liable for any problems the business has. Which of the following would lead Lily to choose a sole proprietorship organization for her business? A. None of the above B. Avoidance of personal liability C. Possession of a partner D. Little capitalEvelyn, Francis and George, run a business buying and selling wigs. They have been advised by their lawyer to form a private limited company to run the business. They have contacted you for a second opinion, particularly in respect of: 1. The extent to which their liability will be limited; 2. Wether they will be able to exercise the same control over the private company as they did with the partnership.The primary requirement of a Type A reorganization under IRC 368 is: a. A statutory merger or consolidation b. 100% of consideration consistis of equity c. 100% of consideration consistis of cash d. No continuity of the business enterprise