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Each shareholder of the corporation will be treated as a general partner of the<br />
limited partnership.<br />
The liability of the corporate general partner will be limited to the amount of its<br />
assets.<br />
The limited liability of the corporation will result in the limited partners having<br />
greater liability than they would otherwise.<br />
9.) When parties agree in advance to adhere to an arbitrator’s decision and<br />
award, it is known as<br />
mediation<br />
arbitrator discretion<br />
appealable<br />
binding arbitration<br />
10.) Martha started a flower shop as a sole proprietor. After 1 year, she was<br />
forced to close the shop because business was so bad. At that time, the business<br />
assets totaled $50,000, but the business liabilities totaled $125,000. Which of the<br />
following statements is true?<br />
Martha is personally liable for the additional $75,000 owed to business creditors.<br />
Once Martha terminates the sole proprietorship, she is no longer liable for the<br />
$50,000.<br />
Martha’s business creditors can collect only the $50,000 now, but if Martha ever<br />
goes into business again, they can get the assets of the new business.<br />
Martha’s business creditors can collect only the $50,000 of business assets<br />
11.) Which of the following is one of the major purposes of a settlement<br />
conference?<br />
To structure a settlement payment schedule<br />
To facilitate the settlement of a case
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