Exam 26: Sole Proprietorships, Partnerships, and Limited Liability Organizations

A limited partner does not have the right to inspect the books of the partnership.

Partners in a general partnership have a right to

The easiest form of business to establish is the partnership.

The law that governs limited partnerships is the ____________________.

A partner who has an equal voice in management decisions but whose existence as a partner is not to be revealed to anyone is a

A cooperative may be treated as either a(n) ____________________ or a corporation.

The personal assets of a partner may be seized to satisfy partnership debts.

The ____________________ contains the laws relating to the formation, operation, and dissolution of partnerships.

The type of business organization formed most easily is the

Both sole proprietorships and partnerships must pay income taxes.

In a partnership, most decisions are made by a(n) ____________________ vote of the partners.

The termination of a partnership is known as ____________________.

Of the following, the only one that is a trading partnership is a(n)

Two or more companies joining together to work on a project constitute a

Certain decisions in a partnership are so important that they must be unanimous.

The written agreement that creates a partnership and outlines the partners' rights, duties, and powers is the ____________________.

A business owned and operated by one person is a(n) ____________________.

If a person wishes to join an existing partnership, all existing partners must agree to admit that person.

Bard and Small started a nonprofit medical clinic to provide health care for the elderly. Is this a partnership?

For federal income tax purposes, partnerships