Exam 34: Small Business, Entrepreneurship, and General Partnerships

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

The dissolution of a general partnership discharges the liability of an outgoing partner for existing partnership debts and obligations.

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

A general partnership cannot operate under the name of any one of the partners; the name has to represent all the partners if a fictitious name is not being adopted.

A general partnership is valid only if it is carried out for profit.

Jonathan Lopez wants to be his own boss and ventures into retailing fruit in the neighborhood after borrowing some money from his mother.While obtaining a license to carry out business in his city, Jonathan mentions the money he borrowed but forgets to specify what type of business undertaking his store will be.Under which of the following major forms of business is Jonathan's store listed by default?

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

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

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

An entrepreneur is a person who forms and operates a business.

Inference of the existence of a general partnership is drawn in cases where profits are received in payment of wages owed to an employee.

Which of the following must be in writing even if it is below the time stipulation of the Statute of Frauds?

Which of the following best describes an entrepreneur?

The designation of ________ is used for businesses that are operating under a trade name.

The UPA's definition of a general partner includes other limited partnerships.

Why does a sole proprietorship not pay taxes at the business level?

No federal or state government approval is required for creating a sole proprietorship.

The UPA is a model act that codifies sole proprietorship law.

The ________ requires general partners to adhere to the provisions of the partnership agreement and the decisions of the partnership.

Inference of the existence of a general partnership is drawn only if profits are received as ________.