BUL4310 EXAM REVIEW 2026 QUESTIONS
WITH ACCURATE SOLUTIONS GRADED A+
◉ What is Fraud? Answer: When one unlawfully gains or deprives
one of a legal right
◉ What is Puffery? Answer: It is when someone hyper inflates a
statement about the product and cannot be objectively verified.
◉ What is an independent contractor? Answer: They are hired to do
a job and leave
◉ What is an employee? Answer: they are hired for an
indeterminate amount of time.
◉ Can the director of a corporation access corporate books and
records? What right? Answer: Yes. Right of Inspection
◉ If a sole proprietor dies, what happens to his business? Answer:
All of his assets and liabilities become part of his estate, including
the assets and liabilities generated from the business activity.
, ◉ What are the major features of an LLP? Answer: It allows a
partnership to continue as a pass-through entity for tax purposes
but limits the personal liability of the partners. No personal liability
◉ What are Limited Partners rights to access the firm's books and
information in a limited partnership Answer: They have the right to
inspect the firm's books and records, they may own competing
interests, they may be creditors of the firm, and they may bring
derivative suits on the firm's behalf. They may not withdraw their
capital contribution if that would impair creditors' rights.
◉ What is an Assignor? Answer: a person who transfers property
rights or powers to another.
◉ What is an Assignee Answer: a person or entity to which property
rights or powers are transferred
◉ How are Limited Liability Companies taxed? Answer: They are tax
either as a partnership or a corporation. If they want to distribute
profits, being a partnership will be better to avoid "double taxation".
◉ What documents do you need to file to form an LLC? Answer:
Articles of Organization, this document is known as the Certificate of
Formation or the Certificate of Organization.
WITH ACCURATE SOLUTIONS GRADED A+
◉ What is Fraud? Answer: When one unlawfully gains or deprives
one of a legal right
◉ What is Puffery? Answer: It is when someone hyper inflates a
statement about the product and cannot be objectively verified.
◉ What is an independent contractor? Answer: They are hired to do
a job and leave
◉ What is an employee? Answer: they are hired for an
indeterminate amount of time.
◉ Can the director of a corporation access corporate books and
records? What right? Answer: Yes. Right of Inspection
◉ If a sole proprietor dies, what happens to his business? Answer:
All of his assets and liabilities become part of his estate, including
the assets and liabilities generated from the business activity.
, ◉ What are the major features of an LLP? Answer: It allows a
partnership to continue as a pass-through entity for tax purposes
but limits the personal liability of the partners. No personal liability
◉ What are Limited Partners rights to access the firm's books and
information in a limited partnership Answer: They have the right to
inspect the firm's books and records, they may own competing
interests, they may be creditors of the firm, and they may bring
derivative suits on the firm's behalf. They may not withdraw their
capital contribution if that would impair creditors' rights.
◉ What is an Assignor? Answer: a person who transfers property
rights or powers to another.
◉ What is an Assignee Answer: a person or entity to which property
rights or powers are transferred
◉ How are Limited Liability Companies taxed? Answer: They are tax
either as a partnership or a corporation. If they want to distribute
profits, being a partnership will be better to avoid "double taxation".
◉ What documents do you need to file to form an LLC? Answer:
Articles of Organization, this document is known as the Certificate of
Formation or the Certificate of Organization.
