Exam 34: Small Business, Entrepreneurship, and General Partnerships

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

Which of the following must be in writing even if it is below the time stipulation of the Statute of Frauds?

A trade name statement refers to a document that is filed with the state that designates a trade name of a business, the name and address of the applicant, and the address of the business.

An inference of the existence of a general partnership is drawn in cases where profits are received in payment of wages owed to an employee.

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

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

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

Flow-through taxation is the federal income tax imposed on general partnerships.

Which of the following is true of a sole proprietorship?

General partnerships that exist for more than ________ must have their general partnership agreement in writing under the Statute of Frauds in order to deal in real estate.

Competing with the partnership without the permission of other partners violates a general partner's ________.

Briefly explain the formation of a general partnership.

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

The General Partnership Act (GPA) is a model act that codifies sole proprietorship law.

Which of the following is true in the creation of a general partnership?

Which of the following is true of general partnership?

A breach of the duty of care by a partner does not constitute negligence.

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

Which of the following is a right to which every general partner is entitled under the Uniform Partnership Act?

The income or loss from a sole proprietorship is reported on ________ which must be attached to the owner's Form 1040.