FREE PA Bar Business Associations Questions and Answers
What is the default form of business organization when two or more people start a business together without formalizing their arrangement?
Correct!
Wrong!
In Pennsylvania, when two or more people start a business without formalizing their arrangement, it is automatically considered a general partnership.
What is the role of a registered agent in Pennsylvania business entities?
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Wrong!
A registered agent is responsible for receiving service of process, legal documents, and official government notifications for the business entity.
Which of the following is a unique feature of a Pennsylvania benefit corporation?
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Wrong!
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.
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.
In Pennsylvania, which document is required to form a corporation?
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Wrong!
To form a corporation in Pennsylvania, the founders must file Articles of Incorporation with the state.