Exam 12: Business Organizations

Certificates of limited partnership that are filed with the state must state what the plan is in case the partnership must be terminated.

Unlike a corporation, a limited liability company is:

The ____ of partnership affairs involves completing any unfinished business and then collecting and distributing the partnership's assets.

Coca-Cola, Microsoft and General Motors are all examples of:

Refer to Fact Pattern 13-1. Jeanette plans on having a receptionist and a secretary, but no other managerial workers. For simplicity, Richard would probably suggest that Jeanette operate as a:

An auto dealer or gas station franchise would have:

The owners of a corporation are called:

Due to the inability to control sales, the government has, to date, prohibited the marketing of franchise operations over the Internet.

Which of the following must be contained in a certificate of limited partnership under the Uniform Limited Partnership Act:

Which of the following is a disadvantage of a sole proprietorship:

Most large businesses are organized as proprietorships.

Unless otherwise provided by contract, a partnership dissolves if a change in the composition of the partners takes place.

To terminate a partnership, the partners must go through "dissolution."

The two types of franchises allowed are product franchises and brand-name franchises.

The ____ refers to the ability of an owner in a business venture to sell or pass that interest to others.

The Franchise Rule requires franchise sellers to have their materials reviewed by the Federal Trade Commission before franchises may be sold to the public.

Offshore businesses are often established for tax purposes.

The modern corporation was developed:

In Japan small businesses are:

Today a corporation must be created according to: