Exam 26: Small Business, Entrepreneurship, and Partnerships

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Partnerships can be formed without any formalities,and the presence of the required elements of a partnership can be based on the conduct of those in the business.

(True/False)

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Question 21

In a limited partnership,general partners have unlimited liability for debts and obligations of the partnership.

(True/False)

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Question 22

Whenever a person participates in the management of a business,that person will be treated as a general partner.

(True/False)

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Question 23

As part of the filing requirements,a limited partnership must have a written agreement specifying how profits and losses are to be divided.

(True/False)

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Question 24

Limited partnerships may only be formed through a formal written document filed with the Secretary of State of the appropriate state.

(True/False)

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Question 25

Which of the following best describes who may be a partner in a limited partnership?

(Multiple Choice)

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Question 26

Where there is no agreement as to the sharing of profits and losses in a limited partnership,the profits and losses are shared equally among all partners,limited or general.

(True/False)

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Question 27

A general partnership is also known as a limited partnership.

(True/False)

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Question 28

What is the effect of a limited partner making a personal guarantee on behalf of the limited partnership?

(Multiple Choice)

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Question 29

When a business has only one owner,and that owner takes no action in connection with choosing the form of business under which to operate,the business is a sole proprietorship.

(True/False)

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Question 30

In a limited partnership,a general or limited partner's capital contribution can be in the form of services rendered.

(True/False)

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Question 31

When the partnership agreement is silent,the withdrawal of a general partner will cause the dissolution of a general partnership,but not a limited partnership.

(True/False)

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Question 32

The right to participate in the management of a business is conclusive evidence for determining the existence of a general partnership.

(True/False)

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Question 33

A partner who supplies sixty percent of the partnership's operating capital is automatically entitled to sixty percent of the partnership's profits,if there is no agreement to the contrary.

(True/False)

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Question 34

Other than a business license,if required in the state,there are no other filings,fees or other requirements necessary to begin a sole proprietorship.

(True/False)

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Question 35

Limited partners are liable only for the debts and obligations of the limited partnership up to their capital contributions,and they are not personally liable for the debts and obligations of the limited partnership.

(True/False)

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Question 36

A sole proprietor has the right to make all management decisions concerning the business,including those involving hiring and firing employees.

(True/False)

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Question 37

What was the result in Zuckerman v.Antenucci,involving the medical malpractice action in which the plaintiff sued both the attending doctor and his partner?

(Multiple Choice)

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Question 38

Willy,Waylon and Johnny formed a partnership to operate a lingerie shop.One of Willy's jobs is to make deliveries using the partnership truck.In one such delivery,Willy negligently ran a stop sign,striking a car driven by Reba,causing damage to the car and injury to Reba.Discuss the personal liability of Willy,Waylon and Johnny as partners,and the liability of the partnership.

(Essay)

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Question 39

Unless the partnership agreement authorizes it,partners are not entitled to receive a salary for service rendered on behalf of the partnership.

(True/False)

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Question 40

Showing 21 - 40 of 148

Exam 26: Small Business, Entrepreneurship, and Partnerships

Partnerships can be formed without any formalities,and the presence of the required elements of a partnership can be based on the conduct of those in the business.

In a limited partnership,general partners have unlimited liability for debts and obligations of the partnership.

Whenever a person participates in the management of a business,that person will be treated as a general partner.

As part of the filing requirements,a limited partnership must have a written agreement specifying how profits and losses are to be divided.

Limited partnerships may only be formed through a formal written document filed with the Secretary of State of the appropriate state.

Which of the following best describes who may be a partner in a limited partnership?

Where there is no agreement as to the sharing of profits and losses in a limited partnership,the profits and losses are shared equally among all partners,limited or general.

A general partnership is also known as a limited partnership.

What is the effect of a limited partner making a personal guarantee on behalf of the limited partnership?

When a business has only one owner,and that owner takes no action in connection with choosing the form of business under which to operate,the business is a sole proprietorship.

In a limited partnership,a general or limited partner's capital contribution can be in the form of services rendered.

When the partnership agreement is silent,the withdrawal of a general partner will cause the dissolution of a general partnership,but not a limited partnership.

The right to participate in the management of a business is conclusive evidence for determining the existence of a general partnership.

A partner who supplies sixty percent of the partnership's operating capital is automatically entitled to sixty percent of the partnership's profits,if there is no agreement to the contrary.

Other than a business license,if required in the state,there are no other filings,fees or other requirements necessary to begin a sole proprietorship.

Limited partners are liable only for the debts and obligations of the limited partnership up to their capital contributions,and they are not personally liable for the debts and obligations of the limited partnership.

A sole proprietor has the right to make all management decisions concerning the business,including those involving hiring and firing employees.

What was the result in Zuckerman v.Antenucci,involving the medical malpractice action in which the plaintiff sued both the attending doctor and his partner?

Unless the partnership agreement authorizes it,partners are not entitled to receive a salary for service rendered on behalf of the partnership.

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