Exam 14: Small Business, General Partnerships, and Limited Partnerships

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

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

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

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

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

Limited partnerships are also known as ________.

According to priority,which of the following claims is satisfied first after dissolution?

According to the Revised Uniform Limited Partnership Act (RULPA),what liability does a corporation have if it is a general partner in a limited partnership?

Which of the following is a major form of conducting business?

The creation of a limited partnership is formal and requires public disclosure.

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

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

Which of the following partners in a limited partnership invests capital,manages the business,and is personally liable for partnership debts?

A sole proprietorship can operate under the name of the sole proprietor or a trade name.

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

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

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

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

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

In a sole proprietorship,the business is considered a separate legal entity.