Which of the following has not been an issue for Bausch & Lomb?
a. Its CEO claimed to have an MBA and did not
b. One of its products resulted in eye infections
c. Accounting issues in its Brazilian operations
d. The failure to self-report issues to the SEC
.D
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Indicate whether the statement is true or false
Special purpose entities (SPE) are:
a. a type of illegal maneuver used by Enron to hide losses. b. business interests formed solely to accomplish a specific task or tasks. c. independent if the company itself has 3% of its equity invested, and the equity is at risk. d. considered independent if they are profitable and have outside bank loans.
________ occurs when (1) a certificate of limited partnership is not properly filed, (2) there are errors in a certificate that is filed, or (3) some other statutory requirement for the creation of a limited partnership is not met.
A. Improper partnering B. Defective formation C. Deformation D. Scrivener mistake
Cheers Inc. operates as a partnership. Now the partners have decided to convert the business into a regular corporation. Which of the following statements is CORRECT?
A. Assuming Cheers is profitable, less of its income will be subject to federal income taxes. B. Cheers will now be subject to fewer regulations. C. Cheers' shareholders (the ex-partners) will now be exposed to less liability. D. Cheers' investors will be exposed to less liability, but they will find it more difficult to transfer their ownership. E. Cheers will find it more difficult to raise additional capital.