FREE PA Bar Business Associations Questions and Answers
In Pennsylvania, which document is required to form a corporation?
Correct!
Wrong!
To form a corporation in Pennsylvania, the founders must file Articles of Incorporation with the state.
How are profits typically distributed in a Pennsylvania general partnership, in the absence of an agreement?
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Wrong!
In a Pennsylvania general partnership, profits are typically distributed equally among partners unless otherwise agreed.
Which of the following is a unique feature of a Pennsylvania benefit corporation?
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A benefit corporation in Pennsylvania is a type of for-profit corporation that has a legal obligation to pursue a specific public benefit alongside profit.
What is the role of a registered agent in Pennsylvania business entities?
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A registered agent is responsible for receiving service of process, legal documents, and official government notifications for the business entity.
What is the default form of business organization when two or more people start a business together without formalizing their arrangement?
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Wrong!
In Pennsylvania, when two or more people start a business without formalizing their arrangement, it is automatically considered a general partnership.