Exam 34: Small Business, Entrepreneurship, and General Partnerships

Which of the following is true of creating a sole proprietorship?

An ordinary partnership is also known as a ________.

A third party who sues to recover on a partnership contract need not name all the general partners in the lawsuit.

How long should a general partnership have existed for it to be in writing under the Statute of Frauds?

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

The UPA provides that all general partners are entitled to remuneration for their performance in the partnership's business.

The designation of d.b.a.refers to the description for a business that is operating under a trade name.

Explain in brief the formation of a general partnership.

Which of the following is true of the liability of an incoming partner?

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

Competing with the partnership without the permission of other partners violates a general partner's ________.

The term indemnification refers to the right of a partner to be reimbursed for expenditures incurred on behalf of the partnership.

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

Receipt of a share of business profits is prima facie evidence of a general partnership.

Which of the following is a right to which every general partner is entitled?

Flow-through taxation is the federal income tax imposed on general partnerships.

A sole proprietorship cannot be easily transferred when the owner desires to do so.

All general partners have an equal right to participate in the management of the general partnership business.

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

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