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

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Justin and Michael form a limited partnership and start a car dealership.Justin is the general partner and Michael is the limited partner.Seven months after the commencement of the business,Pedro makes an investment and wishes to become a general partner.A week later,Michael's mother wishes to join the partnership as a limited partner.Which of the following is true in this scenario?

(Multiple Choice)

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Question 61

Which of the following best describes an entrepreneur?

(Multiple Choice)

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Question 62

Which of the following information should a certificate of limited partnership contain?

(Multiple Choice)

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Question 63

A(n)________ is a document that sets forth the rights and duties of general and limited partners.

(Short Answer)

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Question 64

According to the RULPA,which of the following categories is entitled to priority in the order of distribution of assets of a limited partnership during the winding-up phase?

(Multiple Choice)

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Question 65

________ occurs when (1)a certificate of limited partnership is not properly filed, (2)there are errors in a certificate that is filed,or (3)some other statutory requirement for the creation of a limited partnership is not met.

(Short Answer)

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Question 66

A sole proprietor has limited personal liability.

(True/False)

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Question 67

On the dissolution and the commencement of the winding up of a limited partnership,a(n)________ must be filed by the limited partnership with the secretary of state of the state in which the limited partnership is organized.

(Multiple Choice)

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Question 68

Where a partnership agreement provides for the sharing of profits but is silent as to how losses are to be shared,________.

(Multiple Choice)

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Question 69

Which of the following is true of a limited partnership agreement?

(Multiple Choice)

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Question 70

A(n)________ is a partnership created for a fixed duration.

(Short Answer)

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Question 71

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

(True/False)

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Question 72

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

(True/False)

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Question 73

The Revised Uniform Partnership Act is a federal statute that is recognized in all states.

(True/False)

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Question 74

The change in the relationship of partners in a partnership caused by any partner ceasing to be associated in the carrying on of the business is known as ________.

(Multiple Choice)

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Question 75

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

(Multiple Choice)

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Question 76

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

(True/False)

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Question 77

Laura is an investor and a limited partner in a limited partnership.Two years after she becomes a limited partner,Laura believes that the general partners are not doing a very good job of managing the affairs of the limited partnership,and she accordingly participates in its management.While she was managing the business,a bank loans $1 million to the limited partnership,believing that Laura is a general partner.If the limited partnership defaults on the $1 million loan,which of the following will be true?

(Multiple Choice)

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Question 78

Since the income of a partnership must be reported on the individual partners' personal income tax returns,this results in double-taxation of partnership profits.

(True/False)

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Question 79

Which of the following is true of a general partnership?

(Multiple Choice)

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Question 80

Showing 61 - 80 of 97

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

Which of the following best describes an entrepreneur?

Which of the following information should a certificate of limited partnership contain?

A(n)________ is a document that sets forth the rights and duties of general and limited partners.

According to the RULPA,which of the following categories is entitled to priority in the order of distribution of assets of a limited partnership during the winding-up phase?

________ occurs when (1)a certificate of limited partnership is not properly filed, (2)there are errors in a certificate that is filed,or (3)some other statutory requirement for the creation of a limited partnership is not met.

A sole proprietor has limited personal liability.

On the dissolution and the commencement of the winding up of a limited partnership,a(n)________ must be filed by the limited partnership with the secretary of state of the state in which the limited partnership is organized.

Where a partnership agreement provides for the sharing of profits but is silent as to how losses are to be shared,________.

Which of the following is true of a limited partnership agreement?

A(n)________ is a partnership created for a fixed duration.

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

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

The Revised Uniform Partnership Act is a federal statute that is recognized in all states.

The change in the relationship of partners in a partnership caused by any partner ceasing to be associated in the carrying on of the business is known as ________.

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

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

Since the income of a partnership must be reported on the individual partners' personal income tax returns,this results in double-taxation of partnership profits.

Which of the following is true of a general partnership?

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