Blaw ch 30

A legal entity separate and distinct from its owners referred to as shareholders, and formed by filing articles of incorporation is a:

corporation.

A partner owes all of the following duties to the partnership except:

duty of control.

In choosing the form in which to conduct business, if ease of formation is the primary concern, the owners would choose a:

general partnership.

A partner who has no right to participate in control of the business and who has limited liability is called a:

limited partner.

A __________ is an unincorporated business association consisting of at least one general partner and at least one limited partner.

limited partnership

Which of the following would lack the capacity to become a partner?

An adjudicated incompetent

A partnership agreement should include all but which one of the following?

The agreement for dividing tax liability of the partnership.

Which of the following is the most convincing evidence of a partnership arrangement?

Two or more persons carry on a business for profit, but they have no formal agreement.

Which of the following forms of business association may elect that only the partners/members are taxed?

a. General partnerships. b. Limited partnership. c. Limited liability company. d. All of these are correct.

A partner's interest is subject to the claims of that partner's creditors who may obtain a judicial lien known as a(n) __________ against the partner's transferable interest.

changing order.