Question 1

Which of the following information should a certificate of limited partnership contain?

Accepted Answer

A)  the latest date of dissolution of the partnership 
B)  a clause to not accept new general partners 
C)  the name of the party who becomes a general partner in the event of transfer 
D)  the scope of potential business opportunities and related investment 
A)  the latest date of dissolution of the partnership 
B)  a clause to not accept new general partners 
C)  the name of the party who becomes a general partner in the event of transfer 
D)  the scope of potential business opportunities and related investment

Question 2

The right to share in the profits of the partnership is the right to share in the earnings from the investment of capital.

Accepted Answer

A) True 
 B)False

Question 3

A(n)________ is a document that sets forth the rights and duties of general and limited partners.

Accepted Answer

limited pa

Question 4

Which of the following is true of general and limited partners in a limited partnership?

Accepted Answer

A)  Limited partners are exempt from annual capital investment and need only participate in management functions. 
B)  General partners are not personally liable for partnership debts. 
C)  General partners are required to invest capital and refrain from managerial activities. 
D)  Limited partners are not personally liable for partnership debts beyond their capital contributions. 
A)  Limited partners are exempt from annual capital investment and need only participate in management functions. 
B)  General partners are not personally liable for partnership debts. 
C)  General partners are required to invest capital and refrain from managerial activities. 
D)  Limited partners are not personally liable for partnership debts beyond their capital contributions.

Question 5

If Gerard Koontz retires from being a general partner in a limited partnership, which of the following is true?

Accepted Answer

A)  A member from Mr. Koontz's immediate family is allowed to take his partnership interest. 
B)  Only the person Mr. Koontz nominates can take his partnership interest. 
C)  The partnership is dissolved, according to RULPA norms. 
D)  The partnership operates normally, without a general partner. 
A)  A member from Mr. Koontz's immediate family is allowed to take his partnership interest. 
B)  Only the person Mr. Koontz nominates can take his partnership interest. 
C)  The partnership is dissolved, according to RULPA norms. 
D)  The partnership operates normally, without a general partner.

Question 6

While claiming under ________ liability, a plaintiff must name the partnership and all of the partners as defendants in a lawsuit.

Accepted Answer

The answer of While claiming under ________ liability, a plaintiff...

Question 7

Which of the following governs a limited partnership, its internal affairs, and the liability of its limited partners?

Accepted Answer

A)  the federal government 
B)  all states in which the business operates 
C)  the articles of limited partnership 
D)  the law of the state in which it is organized 
A)  the federal government 
B)  all states in which the business operates 
C)  the articles of limited partnership 
D)  the law of the state in which it is organized

Question 8

The sole proprietor has ________ liability.

Accepted Answer

The answer of The sole proprietor has ________ liability....

Question 9

Which of the following is true of a business operating under sole proprietorship?

Accepted Answer

A)  It is not considered a separate legal entity. 
B)  It cannot be sold when the owner decides to do so. 
C)  It requires governmental approval when being transferred. 
D)  It has access to unrestricted capital by means of investments. 
A)  It is not considered a separate legal entity. 
B)  It cannot be sold when the owner decides to do so. 
C)  It requires governmental approval when being transferred. 
D)  It has access to unrestricted capital by means of investments.

Question 10

A limited partnership cannot have general partners.

Accepted Answer

A) True 
 B)False

Question 11

Instead of suing the partnerships or other partners at law, general partners are given the right to bring a(n)________ against other partners.

Accepted Answer

A)  claim for damages 
B)  tort action 
C)  call for action 
D)  action for an accounting 
A)  claim for damages 
B)  tort action 
C)  call for action 
D)  action for an accounting

Question 12

A(n)________ is a document that is filed with the state that designates a trade name of a business.

Accepted Answer

fictitious

Question 13

A(n)________ is a document that two or more persons must execute and sign that makes a limited partnership legal and binding.

Accepted Answer

certificat

Question 14

It is not necessary for a limited partnership to have general partners if the limited partners share management responsibility among themselves.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is true of a limited partnership?

Accepted Answer

A)  Other limited partnerships cannot become limited partners in an existing limited partnership. 
B)  A limited partner is personally liable for the debts of the partnership. 
C)  Corporations are allowed to become partners in a limited partnership. 
D)  A limited partnership can have only one general partner but multiple limited partners. 
A)  Other limited partnerships cannot become limited partners in an existing limited partnership. 
B)  A limited partner is personally liable for the debts of the partnership. 
C)  Corporations are allowed to become partners in a limited partnership. 
D)  A limited partnership can have only one general partner but multiple limited partners.

Question 16

A(n)________ is a partnership created for a fixed duration.

Accepted Answer

partnershi

Question 17

The name selected by a general partnership cannot indicate that it is a corporation.

Accepted Answer

A) True 
 B)False

Question 18

If a corporation is a general partner to a limited partnership, which of the following would result from the dissolution of the corporation?

Accepted Answer

A)  dissolution of the limited partnership 
B)  creation of a general partnership 
C)  reformation of the limited partnership 
D)  transfer of the partnership to other parties 
A)  dissolution of the limited partnership 
B)  creation of a general partnership 
C)  reformation of the limited partnership 
D)  transfer of the partnership to other parties

Question 19

An association of two or more persons to carry on as co-owners of a business for profit is known as a(n)________.

Accepted Answer

A)  limited partnership 
B)  sole proprietorship 
C)  corporation 
D)  general partnership 
A)  limited partnership 
B)  sole proprietorship 
C)  corporation 
D)  general partnership

Question 20

An organization or venture must have a ________ motive in order to qualify as a partnership

Accepted Answer

A)  large-scale expansion 
B)  non-commercial 
C)  profit 
D)  target market 
A)  large-scale expansion 
B)  non-commercial 
C)  profit 
D)  target market

Exam 14: Small Business and General and Limited Partnerships

Which of the following information should a certificate of limited partnership contain?

The right to share in the profits of the partnership is the right to share in the earnings from the investment of capital.

A(n)________ is a document that sets forth the rights and duties of general and limited partners.

Which of the following is true of general and limited partners in a limited partnership?

If Gerard Koontz retires from being a general partner in a limited partnership, which of the following is true?

While claiming under ________ liability, a plaintiff must name the partnership and all of the partners as defendants in a lawsuit.

Which of the following governs a limited partnership, its internal affairs, and the liability of its limited partners?

The sole proprietor has ________ liability.

Which of the following is true of a business operating under sole proprietorship?

A limited partnership cannot have general partners.

Instead of suing the partnerships or other partners at law, general partners are given the right to bring a(n)________ against other partners.

A(n)________ is a document that is filed with the state that designates a trade name of a business.

A(n)________ is a document that two or more persons must execute and sign that makes a limited partnership legal and binding.

It is not necessary for a limited partnership to have general partners if the limited partners share management responsibility among themselves.

Which of the following is true of a limited partnership?

A(n)________ is a partnership created for a fixed duration.

The name selected by a general partnership cannot indicate that it is a corporation.

If a corporation is a general partner to a limited partnership, which of the following would result from the dissolution of the corporation?

An association of two or more persons to carry on as co-owners of a business for profit is known as a(n)________.

An organization or venture must have a ________ motive in order to qualify as a partnership

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