FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 13: Choice of Business Entity, Sole Proprietorships, and Partnerships

Show Answer

Share

---

All types

Filters

Study Flashcards

Question 1

True/False

Review LaterAdd Note

Review Later

A limited partnership is formed by the limited partner's filing of a certificate of limited partnership with the appropriate state government authority.

A) True
B) False

Correct Answer

verified

Show Answer

Question 2

Multiple Choice

Review LaterAdd Note

Review Later

A franchise should be thought of as

A) a type of business entity.
B) a federally regulated business entity.
C) a contractually based business entity.
D) a method of conducting business.

E) B) and C)
F) A) and D)

Correct Answer

verified

Show Answer

Question 3

True/False

Review LaterAdd Note

A sole proprietorship automatically is dissolved when the owner dies.

With regard to taxation of partnerships,

Morton lends money as a business loan to Luisa,who is capitalizing her start-up sole proprietorship named Luisa's Things.If Morton must sue for repayment,he would sue

In all forms of business entities,the entity itself pays taxes on money earned by or through the entity.

The Revised Uniform Limited Partnership Act requires that there be a written partnership agreement regarding limited partnerships.

Federal and state laws regulating the selling of equity in limited partnerships through broker-dealer contracts are known as _______ laws.

The Revised Uniform Partnership Act mandates that with regard to partnership debts and liabilities,general partners are

Which of the following is not a part of the winding up process?

What process will the courts use to resolve a dispute between principals of a limited partnership in the absence of a written partnership agreement?

A limited partnership requires

In Waddell v.Rustin,Waddell was not declared an implied partner despite her testimony that she and her romantic partner ran their business as partners,including her involvement in management and oversight of business projects,access to company checkbook,payment of company bills,and assistance in choosing construction projects.

Name and discuss the fiduciary duties owed by general partners to the partnership as set out in the Revised Uniform Partnership Act.

Under the Revised Uniform Limited Partnership Act,limited partners may act as consultants and may contribute their expertise to the limited partnership.

Even if the parties have no intent to form or operate as a partnership,their conduct may result in the law recognizing them as partners.

Sonya and Davi are going to open a sporting goods store.They sign a written limited partnership agreement naming Davi as a limited partner and Sonya as the general partner.Sonya files a certificate of limited partnership with the state.Sonya contributes $100,000 toward the start-up,while Davi contributes $200,000.They agree to split profits evenly because Sonya will be working in the store and operating the day-to-day business.About a month after they open,the business is not doing well,so Davi starts becoming more involved.Soon he is requiring that Sonya approve all purchases with him,and Davi is actively directing Jack,the sole employee.One day,Geoff,a customer,is injured when a bowling ball falls off a shelf and shatters his foot.Geoff sues and is awarded a judgment of $1 million.

Franchises are regulated by a franchise agreement.

Limited partnerships are required to file a(an) _______ return with the IRS each year.

A _______ is a business entity that has a proven track record of success and sells the right to operate the business and use the business's trade secrets,trademarks,products,and so on.