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Business Law Principles and Practices

Business

Quiz 26 :

Sole Proprietorships, Partnerships, and Limited Liability Organizations

Quiz 26 :

Sole Proprietorships, Partnerships, and Limited Liability Organizations

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Of the following, the only one that is a trading partnership is a(n)
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Answer:

D

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The personal assets of a partner may be seized to satisfy partnership debts.
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True False
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Answer:

True

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The type of business organization formed most easily is the
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Answer:

B

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Co-owners of a business are known as partners.
True False
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To avoid problems, the partnership agreement should contain provisions for settling disputes among the partners.
True False
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One who is known to the public as a partner and who is active in the partnership is a
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A sole proprietorship usually must
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A limited partner does not have the right to inspect the books of the partnership.
True False
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The easiest form of business to establish is the partnership.
True False
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Both sole proprietorships and partnerships must pay income taxes.
True False
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Most businesses in the United States are organized as sole proprietorships.
True False
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If a person wishes to join an existing partnership, all existing partners must agree to admit that person.
True False
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A sole proprietor receives all the income from a business but also bears all losses.
True False
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Certain decisions in a partnership are so important that they must be unanimous.
True False
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All states permit the formation of limited partnerships.
True False
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A partner has the right to inspect the books and records of the partnership.
True False
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A partnership can be formed only by the express agreement of the parties.
True False
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Under certain circumstances, a joint venture may be treated as a corporation.
True False
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If a sole proprietorship or partnership operates under a name that is different from its owner's, the name of the business must be registered and the owner identified.
True False
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The disadvantage of the sole proprietorship is
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