Partnerships I
If you want to have a partnership with unequal ownership, the partners must execute a written partnership agreement. True or False?
False
The smallest partnership has ____ people, and the largest has _____ people.
two,ten
A sole proprietorship does not require forming/creating a business organization. True or False
False
A partnership is required to have a written agreement. True or False?
False, although it can make things a lil dicey.
A disadvantage of a sole proprietor is that the owner typically pays the highest tax rate. True or False?
True
A partnership is created when two people split the profits from a business enterprise. True or False?
True
A sole proprietor has unlimited personal liability for the business debts. True or False?
True
A sole proprietorship must be for profit, but a partnership can be non-profit. True or False?
True
An advantage of sole proprietors is that the owner has 100% control of the business. True or False?
True
Currently, Oklahoma has constructive notice to end partnership by using newspaper publication.
True
For tax purposes, a sole proprietor has the same tax return as the individual. True or False?
True
To end a partnership, the partners must give actual notice but not constructive notice. True or False?
True
You have a partnership with a written agreement between Smith-Jones-Davis-Park. Smith dies but Mrs. Smith wants to be a partner in place of her husband, but no one else likes her. Is Mrs. Smith a partner?
Yes if all the partners approve her
A partnership of Jones - Smith - Jackson ends when ________.
any partner quits or dies.
If you are a sole proprietor and wish to do business under a fictional name, you
can if you file a fictitious name form with the Secretary of State
Partners have joint and several liability for partnership debts. This benefits:
creditors
Under Oklahoma law, a partnership is an _______.
entity
If you do not create a written partnership agreement, all partners
equally share profits/losses
Two people operate a lemonade stand. Are they partners or employer/employee? It depends on
how they are paid. Splitting profits is a partnership
You have a partnership with a written agreement between Smith-Jones-Davis-Park. Smith dies. If the business continues
it is a 3 person partnership with a written agreement