Exam 37: Introduction to Forms of Business and Formation of Partnerships

Mike,Randy,and Steve are partners of a partnership.Mike and Steve loan the partnership $10,000 each.Which of the following statements is true?

Individuals in a valid general partnership are not personally liable for the obligations of the business.

Which of the following is true about a limited partnership?

Which of the following is not one of the aims of the RUPA?

A ________ has one or more general partners and one or more limited partners.

Babs,Mindy,and Eric decide to leave a large accounting firm and start their own accounting business.What form of business should they elect?

Susan Mills,a sole proprietor,operates her bakery under the name Susan's Sweets.If she were sued by a creditor,the creditor would address his complaint to:

Which of the following is true about a partnership?

Which of the following forms of business always imposes double taxation on the earnings of the business?

In MP Nexlevel of Cal. ,Inc.v.CVIN,the case in the text,the court held that:

As an association,a partnership is a voluntary and consensual relationship.

A mining partner's interest is not freely transferable.

Regarding the formation of a general partnership,which of the following is not a legal requirement but has been described as "highly desirable"?

Jack is the sole proprietor of his sewing business,Jack's Custom Tailoring.Jack is required to:

The liability of a purported partner is based on:

A partnership is an income tax-paying entity for federal income tax purposes.

Abe and Carlos want to form a general partnership.What must they do in order to create this legal form of business?

According to the RUPA:

A limited partnership:

Which of the following is NOT a consequence of being a partner of a partnership?