Exam 14: Small Business and General and Limited Partnerships

Limited partners have unlimited personal liability for the debts and obligations of the limited partnership.

________ is said to have occurred if a certificate of limited partnership was not properly filed.

If no other form of business organization is chosen while obtaining a license, the business is by default a sole proprietorship.

Which of the following best describes an entrepreneur?

A sole proprietor is legally responsible for the business's contracts.

Explain the events that cause the dissolution of a limited partnership under RULPA.

The ________ Act is a model act that codifies general partnership law.

A limited partner may engage in voting on the dissolution of the limited partnership without losing his or her limited liability.

List the advantages and disadvantages of a sole proprietorship.

Explain in brief the formation of a general partnership.

________ are the most common form of business organization in the United States.

________ is a rule which provides that upon the death of a general partner, the deceased partner's right in specific partnership property vests in the remaining partner or partners; it does not pass to his or her heirs or next of kin.

The Revised Uniform Partnership Act is a federal statute that holds in all states.

A(n)________ is a partnership created with no fixed duration.

________ occurs when (1)a certificate of limited partnership is not properly filed, (2)there are errors in a certificate that is filed, or (3)some other statutory requirement for the creation of a limited partnership is not met.

General partners have ________ liability for the debts and obligations of the partnership.

A general partnership agreement must always be in writing to be considered legal.