MGT last

False

A written partnership agreement is required for an entity to be able to exist as a partnership. True or false?

Partnership

Approximately forty states have adopted all or substantial portions of the Revised Uniform _________Act.

information return

For tax purposes, a partnership will file a(n) Multiple choice question. entity tax return for every partner. corporate tax return. entity tax return. information return.

Partnerships

Limited and general are the two traditional subcategories of which of the following business entities? Multiple choice question. Partnerships Limited liability companies Corporations Sole proprietorships

partnership

Principal funding and commercial lenders are viable funding options for a general__________

Uniform Partnership Act

States that have not adopted the RUPA follow the provisions found in the Multiple choice question. Uniform Partnership Act. Partnership Uniformity Code. Business Organization Act. Uniform Commercial Code.

Liability

The extent to which principals are personally responsible for the debts of the business is which of the following factors? Multiple choice question. Management Liability Taxes Formation

False

To form a general partnership, a formal document must be filed with the government. True or false

sole proprietors

When it comes to liability, general partners are personally exposed to liability similar to Multiple choice question. LLP partners. shareholders. sole proprietors. LLC members.

Sole Proprietorship

Which choice of business entity is the top choice for a start-up business with low annual revenues and expenses? Multiple choice question. Sole proprietorship Corporation Limited liability partnership Limited liability company

General Partnership

Which of the following does not require a form to be filed with a government agency? Multiple choice question. General partnership Corporation Limited liability company Limited liability partnership

General Partnership

Which of the following does not require any formal documents to be filed with the government in order to legally exist? Multiple choice question. Corporation Limited partnership Limited liability company General partnership

A partner's personal assets are subject to partnership debt

Which of the following is a correct statement regarding general partner liability under general partnership law? Multiple choice question. Not all partners will be liable for partnership debts. A partner's personal assets are exempt from partnership debt. A partner's personal assets are subject to partnership debt.

Express

Which of the following is a partnership where the principals agree to an ongoing business relationship? Multiple choice question. Express Specific Implied Formal

Express

Which of the following is a partnership where the principals agree to an ongoing business relationship? Multiple choice question. Specific Implied Formal Express

Selling ownership rights through the public markets

Which of the following is not a source of funding for partnerships? Multiple choice question. A private third party Selling ownership rights through the public markets Borrowing money from the principals of the partnership Commercial lenders

Partnership

Which of the following is the simplest multiple-person business entity? Multiple choice question. Partnership Corporation Limited liability partnership Limited partnership

Sole Proprietorship

Which of the following requires no annual filing? Multiple choice question. Limited liability company Limited liability partnership Sole proprietorship Corporation

GP

Which of the following typically follows the business name to signify that it operates as a general partnership? Multiple choice question. GP LLC PP LP