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Chapter 3: Organizing and Financing a New Venture

CHAPTER 3
ORGANIZING AND FINANCING A NEW VENTURE
True-False Questions
T. 1. The difference between a limited partnership and a general partnership is
that the limited partnership has partners who actiel! manage the da!"to"da!
operations but also has passie inestors.
T. #. $ limited partnership limits certain partners% liabilities to pa! the enture%s
obligations to the amount each paid for their partnership interests.
F. 3. &n a corporate legal entit!' the personal assets of the owners are separate
from the business% assets' but the personal liabilities of the owners are not.
F. (. )imited liabilit! in the corporate business structure means creditors can
seize onl! some of the corporation%s assets.
T. *. The articles of incorporation are the basic legal declarations contained in the
corporate charter.
F. +. )imited liabilit! companies ,))Cs- are owned b! shareholders with limited
liabilit! and its earnings are ta.ed at the corporate rate.
T. /. 0artnerships are treated with pass"through ta.ation. This means that profits
and losses of the business pass directl! through to inestors on the basis
specified in the partnership agreement.
T. 1. $n emplo!ment contract is an agreement between an emplo!er and
emplo!ee about the terms and conditions of emplo!ment including the
emplo!ee%s agreement to 2eep confidential information secret and to assign
ideas and inentions to the emplo!er.
F. 3. Nondisclosure agreements prohibit the creator of an idea or other form of
intellectual propert! from sharing it with others once it has been presented the
first time.
F. 14. Financial bootstrapping ma.imizes the need for financial capital.
T. 11. The income receied b! a proprietorship is ta.ed at personal ta. rates.
F. 1#. The e5uit! capital sources for a proprietorship are partners' families' and
friends.
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Chapter 3: Organizing and Financing a New Venture
T. 13. The number of owners in a 6ubchapter 6 corporation must be fewer that
/*.
T. 1(. The marginal ta. rate for the first dollar of ta.able income is higher for
corporations than for indiiduals.
F. 1*. The highest marginal income ta. rate for ta.able personal income is (*
percent.
T. 1+. There are four t!pes of 7mar2s8 that can be used to tr! to protect
intellectual propert!.
F. 1/. 7Certification mar2s8 coer memberships in groups ,e.g.' a sororit! or a
labor union-.
T. 11. 7Collectie mar2s8 coer memberships in groups ,e.g.' a sororit! or a
labor union-.
T. 13. 9ost trademar2s ta2e the form of names' words' or graphic designs.
F. #4. $ 7color mar28 is considered to be one four t!pes of 7mar2s8 used to tr! to
protect intellectual propert!.
T. #1. There are four 2inds of patents.
T. ##. 7:usiness method8 is one 2ind of patent.
F. #3. 7;esign patents8 coer most inentions pertaining to new products'
serices' and processes.
T. #(. 7:usiness method8 patents protect a specific wa! of doing business and
the underl!ing computer codes' programs' and technolog!.
F. #*. 70atents8 are intellectual propert! rights granted for inentions that are
useful' noel' and obious.
F. #+. 7Certification mar2s8 are intellectual propert! rights in the form of
inentions and information ,e.g.' formulas' processes' customer lists' etc.- not
generall! 2nown to others.
T. #/. 7Trademar2s8 are intellectual propert! rights that allow firms to
differentiate their products and serices through the use of uni5ue mar2s.
F. #1. $n 6 corporation proides unlimited liabilit! for its shareholders.
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Chapter 3: Organizing and Financing a New Venture
T. #3. 0rofessional corporations ,0Cs- and serice corporations ,6Cs- are
corporate structures that 7states8 proide for professionals such as ph!sicians'
dentists' law!ers' and accountants.
T. 34. :ased on #44/ ta. laws' the highest possible marginal ta. rate is higher for
corporations than for indiiduals.
ulti!le-C"oi#e Questions
a. 1. &n which form of business organization are the owners not offered the
protection of limited liabilit!<
a. proprietorship
b. limited partnership
c. corporation
d. subchapter 6 corporation
e. limited liabilit! corporation
d. #. &n which form of business organization is the ta.ation effects characterized
b! the income flowing to shareholders ta.ed at personal ta. rates<
a. proprietorship
b. limited partnership
c. corporation
d. subchapter 6 corporation
e. general partnership
a. 3. =hich form of business organization is characterized b! haing the shortest
start"up time and lowest legal costs<
a. proprietorship
b. limited partnership
c. corporation
d. subchapter 6 corporation
e. limited liabilit! corporation
c. (. =hich form of business organization t!picall! offers the easiest transfer of
ownership<
a. proprietorship
b. limited partnership
c. corporation
d. subchapter 6 corporation
e. general partnership
d. *. =hich form of business organization is characterized as haing unlimited
life<
a. proprietorship
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Chapter 3: Organizing and Financing a New Venture
b. limited partnership
c. limited liabilit! corporation
d. subchapter 6 corporation
e. general partnership
b. +. =hich of the following is not a right or a dut! of general partners<
a. participation in profits and losses
b. some liabilit! for partnership obligations
c. eto right on new partners
d. eentual return of capital
e. access to partnership boo2s
c. /. The rules and procedures established to goern the corporation are called
the
a. corporate charter
b. articles of incorporation
c. corporate b!laws
d. confidentialit! disclosure agreements
e. partnership agreements
c. 1. &ntellectual propert! can be protected b! all of the following e.cept:
a. patents
b. trademar2s
c. legal disclaimers
d. cop!rights
e. trade secrets
a. 3. =hich of the following are intellectual propert! rights granted for
inentions that are useful' noel' and non"obious<
a. patents
b. trademar2s
c. legal disclaimers
d. cop!rights
e. trade secrets
e. 14. =hich of the following are intellectual propert! rights in the form of
inentions and information such as formulas' processes' and customer lists that
are not generall! 2nown to others and which cone! economic adantage to
the holders<
a. patents
b. trademar2s
c. legal disclaimers
d. cop!rights
e. trade secrets
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Chapter 3: Organizing and Financing a New Venture
b. 11. =hich of the following are intellectual propert! rights that allow firms to
differentiate their products and serices through the use of uni5ue mar2s which
allow consumers to easil! identif! the source and 5ualit! of the products and
serices<
a. patents
b. trademar2s
c. legal disclaimers
d. cop!rights
e. trade secrets
d. 1#. =hich of the following are intellectual propert! rights to writings in
written and electronicall! stored forms<
a. patents
b. trademar2s
c. legal disclaimers
d. cop!rights
e. trade secrets
e. 13. =hich of the following are not sources of seed and start"up financing<
a. famil! and friends
b. the entrepreneur%s ph!sical and financial assets
c. business angels
d. enture capitalists
e. stoc2 and bond mar2ets
d. 1(. =ealth! indiiduals who inest in earl! stage entures in e.change for the
e.citement of launching a business and a share in an! financial rewards are
2nown as:
a. creditors
b. white 2nights
c. corporate raiders
d. business angels
e. sta2eholders
b. 1*. &n a general partnership' legal action that treats all partners e5uall! as a
group is called:
a. >oint and seeral liabilit!
b. >oint liabilit!
c. limited liabilit!
d. accrued liabilit!
e. general liabilit!
f. 1+. =hich of the following business organizational forms proides the owners
with limited inestor liabilit! and passes its income before ta.es through to the
owners<
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Chapter 3: Organizing and Financing a New Venture
a. partnership
b. subchapter 6 ,or 6- corporation
c. regular or ,C - corporation
d. limited liabilit! compan! ,))C-
e. both a and b
f. both b and d
c. 1/. =hich of the following forms of protecting intellectual propert! had its
protection limit increased from 1/ to #4 !ears<
a. cop!rights
b. trademar2s
c. patents
d. trade secrets
c. 11. 0atents are intellectual propert! rights granted for inentions that are:
a. not useful' noel' and non"obious
b. not useful' not noel' and obious
c. useful' noel' and non"obious
d. useful' not noel' and obious
c. 13. 0atents that coer most inentions pertaining to new products' serices'
and processes' are referred to as:
a. design patents
b. plant patents
c. utilit! patents
d. electrical patents
e. mechanical patents
b. #4. &ntellectual propert! rights to 7writings8 in written and electronicall!"
stored forms are protected b!:
a. 0atents
b. cop!rights
c. trade secrets
d. trademar2s
c. #1. The 6ubchapter 6 ,or 6- corporation business form re5uires that there be
less than which of the following number of owners<
a. #
b. 34
c. /*
d. *44
b. ##. =hich of the following forms of protecting intellectual propert! currentl!
has a protection limit of #4 !ears<
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Chapter 3: Organizing and Financing a New Venture
a. cop!rights
b. patents
c. trade secrets
d. trademar2s
b. #3. :ased on #44/ ta. schedules' the first dollar of personal ta.able income is
ta.ed at which of the following marginal ta. rates:
a. 4*.4?
b. 14.4?
c. 1*.4?
d. #4.4?
e. #*.4?
c. #(. :ased on #44/ ta. schedules' the first dollar of corporate income is ta.ed
at which of the following marginal ta. rates:
a. 4*.4?
b. 14.4?
c. 1*.4?
d. #4.4?
e. #*.4?
d. #*. :ased on #44/ ta. schedules' the highest marginal ta. rate on personal
ta.able income is:
a. #*.4?
b. #1.4?
c. 33.4?
d. 3*.4?
e. (4.4?
e. #+. :ased on #44/ ta. schedules' the highest marginal ta. rate on corporate
ta.able income is:
a. #*.4?
b. #1.4?
c. 3*.4?
d. 31.4?
e. 33.4?
Note: The following information should be used for multiple choice 5uestions #/"31.
Following is a partial #44/ personal income ta. schedule for a single filer:
Ta.able &ncome
:eginning @nding :rac2et 9arginal
$mount $mount $mount Ta. Aate
B1 B/'1#* B/'1#* 4.14
B/'1#+ B31'1*4 B#('4#* 4.1*
B31'1*1 B//'144 B(*'#*4 4.#*
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Chapter 3: Organizing and Financing a New Venture
b. #/. The dollar amount of income ta.es paid b! a single filer who has ta.able
income of B/'1#* would be:
a. B1*4
b. B/1*
c. B3'+43./*
d. B('311./*
e. B1431*
d. #1. The cumulatie dollar amount of income ta.es paid b! a single filer who
has ta.able income of B31'1*4 would be:
a. B1*4
b. B/1*
c. B3'+43./*
d. B('311./*
e. B1431*
e. #3. The ma.imum dollar amount of income ta.es in the B31'1*1"B//'144
7brac2et8 paid b! a single filer with ta.able income of B//'144 would be:
a. B1*4
b. B/1*
c. B3'+43./*
d. B('311./*
e. B11'31#.*4
b. 34. The aerage ta. rate for a single filer with ta.able income of B31'1*4
would be:
a. 14.4?
b. 13.1?
c. 1*.4?
d. 1+./?
e. #4.4?
a. 31. The aerage ta. rate for a single filer with ta.able income of B//'144
would be:
a. 1(./?
b. 1+./?
b. #4.4?
c. #4.(?
d. #*.4?
Note: The following information should be used for multiple choice 5uestions 3#"3+.
Following is a partial #44/ corporate income ta. schedule:
#(
Chapter 3: Organizing and Financing a New Venture
Ta.able &ncome
:eginning @nding :rac2et 9arginal
$mount $mount $mount Ta. Aate
B1 B*4'444 B*4'444 4.1*
B*4'441 B/*'444 B#*'444 4.#*
B/*'441 B144'444 B#*'444 4.3(
c. 3#. The dollar amount of income ta.es paid b! a corporation with ta.able
income of B*4'444 would be:
a. B1'*44
b. B+'#*4
c. B/'*44
d. B1'*44
e. B14'1*4
d. 33. The cumulatie dollar amount of income ta.es paid b! a corporation with
ta.able income of B/*'444 would be:
a. B+'#*4
b. B/'*44
c. B1'*44
d. B13'/*4
e. B##'#*4
c. 3(. The ma.imum dollar amount of income ta.es in the B/*'441"B144'444
brac2et paid b! a corporation with ta.able income of B144'444 would be:
a. B+'#*4
b. B/'*44
c. B1'*44
d. B13'/*4
e. B##'#*4
b. 3*. The aerage ta. rate for a corporation with ta.able income of B/*'444
would be:
a. 1*.4?
b. 11.3?
c. #4.4?
d. ##./?
e. #*.4?
d. 3+. The aerage ta. rate for a corporation with ta.able income of B144'444
would be:
a. 1*.4?
b. 1+./*?
c. #4.4?
d. ##.#*?
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Chapter 3: Organizing and Financing a New Venture
e. #*.4?
c. 3/. =hich of the following is not a 72ind8 of patent<
a. Ctilit!
b. ;esign
c. 9ar2
d. 0lant
e. :usiness method
e. 31. =hich of the following is not a 7t!pe8 of mar2<
a. Trademar2
b. 6erice mar2
c. Collectie mar2
d. Certification mar2
e. ;esign mar2
#+