Question 1

This is not an advantage of a sole proprietorship:

Accepted Answer

A) Forming the company is easy and low cost. 
B) The sole proprietorship is not responsible for the company's contracts or torts. 
C) The sole proprietor makes all of the decisions. 
D) The sole proprietor receives all of the profits. 
A) Forming the company is easy and low cost. 
B) The sole proprietorship is not responsible for the company's contracts or torts. 
C) The sole proprietor makes all of the decisions. 
D) The sole proprietor receives all of the profits. B

Question 2

A partnership may exist:

Accepted Answer

A) For a fixed term. 
B) For a set time period. 
C) Until some event occurs. 
D) All of the above. 
A) For a fixed term. 
B) For a set time period. 
C) Until some event occurs. 
D) All of the above. D

Question 3

The sole proprietor faces limited liability for contracts and torts of the company.

Accepted Answer

A) True 
 B)False  False

Question 4

A corporation is the simplest form of business organization.

Accepted Answer

A) True 
 B)False

Question 5

A business may be a (UPA)partnership if its purpose is non-profit.

Accepted Answer

A) True 
 B)False

Question 6

A LLC can easily be sold or transferred.

Accepted Answer

A) True 
 B)False

Question 7

Under RULPA,two or more persons must execute and sign a certificate of limited partnership.

Accepted Answer

A) True 
 B)False

Question 8

The certificate of limited partnership must be filed with the local city government.

Accepted Answer

A) True 
 B)False

Question 9

A business must meet how many criteria to qualify as a partnership under the Uniform Partnership Act?

Accepted Answer

A) 1 
B) 2 
C) 3 
D) 4 
A) 1 
B) 2 
C) 3 
D) 4

Question 10

Under the UPA,partners have joint and several liability for torts.

Accepted Answer

A) True 
 B)False

Question 11

Business organizations include all but the following:

Accepted Answer

A) LLP. 
B) LLC. 
C) Free-association. 
D) Sole proprietorship. 
A) LLP. 
B) LLC. 
C) Free-association. 
D) Sole proprietorship.

Question 12

General partners of a limited partnership have:

Accepted Answer

A) No liability. 
B) Limited liability. 
C) Unlimited liability. 
D) All of the above. 
A) No liability. 
B) Limited liability. 
C) Unlimited liability. 
D) All of the above.

Question 13

The following may be general or limited partners:

Accepted Answer

A) Natural persons. 
B) Partnerships. 
C) Corporations. 
D) All of the above. 
A) Natural persons. 
B) Partnerships. 
C) Corporations. 
D) All of the above.

Question 14

The initials "d.b.a." stand for:

Accepted Answer

A) Don't bother anyone. 
B) Done business already. 
C) Doing business as. 
D) Did but all. 
A) Don't bother anyone. 
B) Done business already. 
C) Doing business as. 
D) Did but all.

Question 15

RULPA is an acronym for:

Accepted Answer

A) Recommended Unilateral Longated Partnership Administration. 
B) Remonstrated Unified Listed Program Activities. 
C) Revised Uniform Limited Partnership Act. 
D) None of the above. 
A) Recommended Unilateral Longated Partnership Administration. 
B) Remonstrated Unified Listed Program Activities. 
C) Revised Uniform Limited Partnership Act. 
D) None of the above.

Question 16

Limited partners participate in the management but not in the financing of the partnership.

Accepted Answer

A) True 
 B)False

Question 17

The agreement to form a partnership may be:

Accepted Answer

A) Oral. 
B) Written. 
C) Implied. 
D) All of the above. 
A) Oral. 
B) Written. 
C) Implied. 
D) All of the above.

Question 18

General partners are personally liable for the debts and obligations of the partnership.

Accepted Answer

A) True 
 B)False

Question 19

In Zuckerman v.Antenucci the jury found:

Accepted Answer

A) Pena guilty of malpractice in his treatment. 
B) Antenucci not-guilty of malpractice in his treatment. 
C) Pena and Antenucci were liable for malpractice. 
D) All of the above. 
A) Pena guilty of malpractice in his treatment. 
B) Antenucci not-guilty of malpractice in his treatment. 
C) Pena and Antenucci were liable for malpractice. 
D) All of the above.

Question 20

A partnership agreement can never be created inadvertently.

Accepted Answer

A) True 
 B)False

This is not an advantage of a sole proprietorship:

A partnership may exist:

The sole proprietor faces limited liability for contracts and torts of the company.

A corporation is the simplest form of business organization.

A business may be a (UPA)partnership if its purpose is non-profit.

A LLC can easily be sold or transferred.

Under RULPA,two or more persons must execute and sign a certificate of limited partnership.

The certificate of limited partnership must be filed with the local city government.

A business must meet how many criteria to qualify as a partnership under the Uniform Partnership Act?

Under the UPA,partners have joint and several liability for torts.

Business organizations include all but the following:

General partners of a limited partnership have:

The following may be general or limited partners:

The initials "d.b.a." stand for:

RULPA is an acronym for:

Limited partners participate in the management but not in the financing of the partnership.

The agreement to form a partnership may be:

General partners are personally liable for the debts and obligations of the partnership.

In Zuckerman v.Antenucci the jury found:

A partnership agreement can never be created inadvertently.

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Exam 11: Business Organizations

This is not an advantage of a sole proprietorship:

A partnership may exist:

The sole proprietor faces limited liability for contracts and torts of the company.

A corporation is the simplest form of business organization.

A business may be a (UPA)partnership if its purpose is non-profit.

A LLC can easily be sold or transferred.

Under RULPA,two or more persons must execute and sign a certificate of limited partnership.

The certificate of limited partnership must be filed with the local city government.

A business must meet how many criteria to qualify as a partnership under the Uniform Partnership Act?

Under the UPA,partners have joint and several liability for torts.

Business organizations include all but the following:

General partners of a limited partnership have:

The following may be general or limited partners:

The initials "d.b.a." stand for:

RULPA is an acronym for:

Limited partners participate in the management but not in the financing of the partnership.

The agreement to form a partnership may be:

General partners are personally liable for the debts and obligations of the partnership.

In Zuckerman v.Antenucci the jury found:

A partnership agreement can never be created inadvertently.

The Nature of Law and Critical Legal Thinking

The American Court System

Civil Litigation and Alternative Dispute Resolution

Criminal Law and Ethics

Constitutional Law and Freedoms

Torts and Product Liability

Contracts and E-Commerce

Real and Personal Property

Family Law

Wills,Trusts,and Estates

Agency, Employment, and Equal Opportunity Law

Credit, Suretyship, and Bankruptcy

Intellectual Property and Internet Law

Administrative Law, Consumer, Investor, and Environmental Protection

Concepts in Law

Filters