1 Barb owns Barb's Salon, which owes back rent to Capital Properties, a landlord
Barb agrees to pay a p
ercentage of her profit each month until the debt is paid
Capital Properties is

Answer
Barb's creditor and partner.
Barb's creditor only.
Barb's partner only.
neither Barb's creditor nor partner.


2 Alvaro and Franco are forming a corporation and preparing the articles of incorporation
What provision must be in the articles? 
Answer
A corporate name with an indication of "corporateness," such as "Inc."
The names and addresses of majority or controlling shareholders.
Evidence of U.S
citizenship for the directors.
All must be in the articles.


3 All written contracts that have a set of promises are

Answer
Formal
Valid
Bilateral
Executed

 


4 Which of the following facts is the best evidence of the existence of a partnership relationship? 
Answer
Joint or common ownership of property
Sharing of gross returns of a business
Sharing of net profits of a business
Joint participation in a business activity


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