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

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The ________ is a rule which provides that upon the death of a general partner,the deceased partner's right in specific partnership property vests in the remaining partner or partners;it does not pass to his or her heirs or next of kin.

(Short Answer)

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Question 41

The earnings and losses from a sole proprietorship are reported on ________.

(Multiple Choice)

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Question 42

Which of the following is true of profits and losses in a general partnership?

(Multiple Choice)

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Question 43

Which of the following is an accurate statement regarding dissolution of a partnership?

(Multiple Choice)

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Question 44

How are assets distributed after the dissolution of a general partnership?

(Essay)

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Question 45

According to the Statute of Frauds,a general partnership that exists for more than ________ must have a written partnership agreement.

(Multiple Choice)

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Question 46

The process of liquidating a partnership's assets and distributing the proceeds to satisfy claims against the partnership is known as winding up.

(True/False)

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Question 47

________ establishes rules for the dissolution of a limited partnership.

(Multiple Choice)

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Question 48

A(n)________ is a document that two or more persons must execute and sign that makes a limited partnership legal and binding.

(Short Answer)

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Question 49

The Uniform Partnership Act (UPA)is a model act that codifies sole proprietorship law.

(True/False)

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Question 50

________ is a situation in which a partner withdraws from a partnership without having the right to do so at that time.

(Multiple Choice)

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Question 51

Instead of suing the partnerships or other partners at law,general partners are given the right to bring a(n)________ against other partners.

(Multiple Choice)

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Question 52

________ are the most common form of business organization in the United States.

(Multiple Choice)

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Question 53

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

(Multiple Choice)

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(80)

Question 54

If a limited partner personally guarantees a loan made to the limited partnership by a creditor,he or she is not personally responsible for the loan if the partnership defaults,since limited partners are liable for the debts of the limited partnership only up to their capital contributions.

(True/False)

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Question 55

The sole proprietor has ________ liability.

(Short Answer)

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Question 56

Under partnership law,________ have the right to manage the affairs of the limited partnership.

(Multiple Choice)

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Question 57

Which of the following is true of a limited partnership?

(Multiple Choice)

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Question 58

Which of the following is true of the management of a general partnership?

(Multiple Choice)

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Question 59

It is not necessary for a limited partnership to have general partners if the limited partners share management responsibility among themselves.

(True/False)

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(81)

Question 60

Showing 41 - 60 of 97

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

The ________ is a rule which provides that upon the death of a general partner,the deceased partner's right in specific partnership property vests in the remaining partner or partners;it does not pass to his or her heirs or next of kin.

The earnings and losses from a sole proprietorship are reported on ________.

Which of the following is true of profits and losses in a general partnership?

Which of the following is an accurate statement regarding dissolution of a partnership?

How are assets distributed after the dissolution of a general partnership?

According to the Statute of Frauds,a general partnership that exists for more than ________ must have a written partnership agreement.

The process of liquidating a partnership's assets and distributing the proceeds to satisfy claims against the partnership is known as winding up.

________ establishes rules for the dissolution of a limited partnership.

A(n)________ is a document that two or more persons must execute and sign that makes a limited partnership legal and binding.

The Uniform Partnership Act (UPA)is a model act that codifies sole proprietorship law.

________ is a situation in which a partner withdraws from a partnership without having the right to do so at that time.

Instead of suing the partnerships or other partners at law,general partners are given the right to bring a(n)________ against other partners.

________ are the most common form of business organization in the United States.

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

If a limited partner personally guarantees a loan made to the limited partnership by a creditor,he or she is not personally responsible for the loan if the partnership defaults,since limited partners are liable for the debts of the limited partnership only up to their capital contributions.

The sole proprietor has ________ liability.

Under partnership law,________ have the right to manage the affairs of the limited partnership.

Which of the following is true of a limited partnership?

Which of the following is true of the management of a general partnership?

It is not necessary for a limited partnership to have general partners if the limited partners share management responsibility among themselves.

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