CLFP EXAM - LEASING LAW
QUESTIONS AND ANSWERS
(LATEST)
What is a Proof of Claim? - ANSWERS-Claim for back rent and other
charges due before the petition date should be made via a Proof of
Claim. Must be made prior to "bar date"
What are Preferences in Bankruptcy? - ANSWERS-Payments made
within 90 days prior to filing bankruptcy petition (one year if
payments made to debtor owner). Such payments may need to be
returned to bankruptcy estate for apportionment among creditors.
Timely payments made in ordinary course of business are not
considered preferences
What are the requirements of a Foreign Corporation - ANSWERS-
Corporations formed under other states (foreign corporation) must
register and pay taxes within the state. Generally modest filing fee
(based on the amount transacted annually) and annual report is
required.
What is a Certificate of Authority? - ANSWERS-For Foreign
Corporations (incorporated in a different state), a Certificate of
, Authority is often required to be obtained from the local state SOS
authorizing them to do business in the state.
What is a Registered Agent? - ANSWERS-When filing to do business
in a particular state, a "registered agent" is typically required - perhaps
a local lawyer or third party service to receive services of law suites
against the foreign corporation.
What are some key concerns in determining "doing business" in a
particular state? - ANSWERS-1.) the presence of an office or place of
business;
2.) the presence of an agent employed by the foreign corporation
3.) Foreign corp representatives routinely visit the sate renting hotel
rooms etc.
4.) the value of the property owned by the foreign corporation and the
volume of the business transacted.
What are a Lessor's disadvantages for failing to "qualifying to do
business" in a state? - ANSWERS-1.) potential penalty
2.) may not sue or use courts within the state
3.) both can be cured by retroactively filing to do business (and pay
retroactive fees) in the state
What are a Lessee's disadvantages for failing to "qualifying to do
business" in a state? - ANSWERS-1.) cannot obtain written
confirmation for teh state that it has legal right to transaction business
in the state, has not dissolved or failed to pay taxes
QUESTIONS AND ANSWERS
(LATEST)
What is a Proof of Claim? - ANSWERS-Claim for back rent and other
charges due before the petition date should be made via a Proof of
Claim. Must be made prior to "bar date"
What are Preferences in Bankruptcy? - ANSWERS-Payments made
within 90 days prior to filing bankruptcy petition (one year if
payments made to debtor owner). Such payments may need to be
returned to bankruptcy estate for apportionment among creditors.
Timely payments made in ordinary course of business are not
considered preferences
What are the requirements of a Foreign Corporation - ANSWERS-
Corporations formed under other states (foreign corporation) must
register and pay taxes within the state. Generally modest filing fee
(based on the amount transacted annually) and annual report is
required.
What is a Certificate of Authority? - ANSWERS-For Foreign
Corporations (incorporated in a different state), a Certificate of
, Authority is often required to be obtained from the local state SOS
authorizing them to do business in the state.
What is a Registered Agent? - ANSWERS-When filing to do business
in a particular state, a "registered agent" is typically required - perhaps
a local lawyer or third party service to receive services of law suites
against the foreign corporation.
What are some key concerns in determining "doing business" in a
particular state? - ANSWERS-1.) the presence of an office or place of
business;
2.) the presence of an agent employed by the foreign corporation
3.) Foreign corp representatives routinely visit the sate renting hotel
rooms etc.
4.) the value of the property owned by the foreign corporation and the
volume of the business transacted.
What are a Lessor's disadvantages for failing to "qualifying to do
business" in a state? - ANSWERS-1.) potential penalty
2.) may not sue or use courts within the state
3.) both can be cured by retroactively filing to do business (and pay
retroactive fees) in the state
What are a Lessee's disadvantages for failing to "qualifying to do
business" in a state? - ANSWERS-1.) cannot obtain written
confirmation for teh state that it has legal right to transaction business
in the state, has not dissolved or failed to pay taxes
