Business Chapter 16
Which of the following is not a way that a partnership can be dissolved
By the RUPA
The owners of an LLC escape _ taxation
Double
A public corporation can either be a C corporation or an S corporation
False
A blank corporation is form for educational, religious, charitable, or social purposes
Non profit
Courts will sometimes blank and hold shareholders personally liable
Piercing the corporate veil
Avoids double taxation but has limitations on the number of shareholders allowed
S corporation
An individual who has one vote for every share of stock held
Shareholder
Which of the following partnership right was added when the UPA was revised
The right to sue a partner of the partnership
Most partnership law is set forth in the
Uniform Partnership Act
A partnership that is formed simply by the way two or more people conduct their business together is called
partnership by proof of existence
Compare and contrast is sole proprietorship and a partnership
S -easy to form -total control -all profits -one time taxation -limited capital -unlimited liability -limited lifetime P -more capital and credit -less work per person -contract liability -tort liability -must share the profits -bickering -share liability
A blank partner has an active role in a limited liability but is not publicly known to be a partner
Secret
A Blank is the easiest type of business to form
Sole proprietorship
An LLC must have a blank in the state where it is organized
Statutory agent
Example of a public corporation is
The local school district
A partner cannot personally transfer ownership of property.
True
Business profits or losses are combined with the sole proprietor's other income for tax purposes.
True
A partnership with one or more general partners in one or more limited partners
limited partnership
Property contributed to the partnership when is established is called blank
Partnership property
Subject to double taxation
C corporation
A secret partner has limited liability for the partnership's debts.
False
And entity with the legal authority to act as a single person, distinct from its owners
Corporation
When a partnership ends, the firms assets our first paid to
Creditors other than partners
Allows the business to continue doing business I want a partner leaves the firm
Dissociation
The biggest advantage to a sole proprietorship is the limited liability regarding losses and lawsuits.
False
A corporation that formed in Texas but operates in Florida is called a
Foreign corporation
Every partnership must have at least one _ partner
General
A business entity that combines the best features of a partnership and a corporation
Limited liability company (LLC)
A business in which each partner is not responsible for the acts of the other partners
Limited liability partnership (LLP)
In a corporation the shareholders liability is
Limited to the amount of money paid for the shares in the corporation
Coownership of all real and personal property included in the partnership is referred to as
Tenancy in partnership
The dissolution of an LLC is similar to a partnership and can occur for any of the same reasons
True
Unless otherwise stated in the partnership agreement, partners share equally in the profits.
True
Before partnership ends, there must be blank. To close down business operations
Winding up
In a partnership, all the partners must be stupid together in a lawsuit
Joint liability
In a general partnership, each partner is liable for the other partners' actions within the scope of the partnership.
True
The articles of incorporation is a legal document filed with the state in order to establish a corporation
True
The difference between a joint venture and a partnership is that there are no ongoing relationship in a joint venture.
True
A partner who takes no active role, but is known publicly and has unlimited liability is a
silent partner
Form of business that is owned and operated by one person
sole proprietorship
