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

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Orlando opened a hot dog stand in Brooklyn,doing business as Orlando's Red Hots.Unfortunately,the venture has not generated a profit.Orlando borrowed $5,000 from the bank to open his business,and the short-term loan is now due.Orlando's friend Bob has suggested partnering with him at the beginning of next year.From which of the following sources can the bank currently recover its $5,000?

(Multiple Choice)

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Question 21

General partnerships do not pay federal income taxes.

(True/False)

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Question 22

A(n)________ is a document that is filed with the secretary of state upon the dissolution of a limited partnership.

(Short Answer)

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Question 23

Which of the following is true of general and limited partners in a limited partnership?

(Multiple Choice)

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Question 24

An ordinary partnership is also known as a(n)________.

(Short Answer)

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Question 25

Which of the following is true of a business operating under sole proprietorship?

(Multiple Choice)

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Question 26

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

(Multiple Choice)

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Question 27

Who among the following gets first priority in the distribution of assets upon the dissolution of a partnership?

(Multiple Choice)

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Question 28

A limited partnership has two types of partners,________.

(Multiple Choice)

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Question 29

Which of the following types of liability does a limited partner of a limited partnership have for the debts and obligations of the limited partnerships?

(Multiple Choice)

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Question 30

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

(Essay)

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Question 31

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

(Multiple Choice)

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Question 32

The designation for a business that is operating under a trade name is ________.

(Short Answer)

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Question 33

Explain the liabilities of general and limited partners in a limited partnership.

(Essay)

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Question 34

Which of the following must be in writing under the Statute of Frauds?

(Multiple Choice)

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Question 35

The ________ Act is a uniform act that regulates the formation,operation,and termination of limited partnerships.

(Short Answer)

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Question 36

Partners who erroneously but in good faith believe they have become limited partners can escape liability as general partners by ________.

(Multiple Choice)

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Question 37

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

(Short Answer)

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Question 38

A sole proprietorship does not pay taxes at the business level.

(True/False)

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Question 39

Which of the following is true of tort liability of a general partnership?

(Multiple Choice)

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Question 40

Showing 21 - 40 of 97

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

General partnerships do not pay federal income taxes.

A(n)________ is a document that is filed with the secretary of state upon the dissolution of a limited partnership.

Which of the following is true of general and limited partners in a limited partnership?

An ordinary partnership is also known as a(n)________.

Which of the following is true of a business operating under sole proprietorship?

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

Who among the following gets first priority in the distribution of assets upon the dissolution of a partnership?

A limited partnership has two types of partners,________.

Which of the following types of liability does a limited partner of a limited partnership have for the debts and obligations of the limited partnerships?

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

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

The designation for a business that is operating under a trade name is ________.

Explain the liabilities of general and limited partners in a limited partnership.

Which of the following must be in writing under the Statute of Frauds?

The ________ Act is a uniform act that regulates the formation,operation,and termination of limited partnerships.

Partners who erroneously but in good faith believe they have become limited partners can escape liability as general partners by ________.

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

A sole proprietorship does not pay taxes at the business level.

Which of the following is true of tort liability of a general partnership?

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