What is the test to justify voluntary bankruptcy?
A) It would be inconvenient for the debtor to pay debts
B) The debtor would face financial hardship if he were to pay all debts due
C) The debtor is more than 240 days behind in paying debts.
D) The debtor is more than 120 days behind in paying debts.
E) It would be impossible to pay debts which are due
E
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Par value
A) is established for a share of stock after it is issued. B) is the legal capital established for a share of stock. C) represents what a share of stock is worth. D) represents the original selling price for a share of stock.
Which of the following is NOT true about a limited liability company?
a. It is a noncorporate business organization. b. In most states, an LLC must have at least two members. c. It may elect not to be a separate taxable entity. d. An ownership interest may be considered a security.
A restriction on advertising for a doctor's services is an example of:
a. a violation of a Fifth Amendment right b. a violation of a First Amendment right c. a constitutional privilege d. a legal restriction on medical professionals e. none of the other choices are correct
A(n) ________ is invoked when there are instances where a business must simply be closed, and selling the business consists of selling the "assets" of the business.
Fill in the blank(s) with the appropriate word(s).