LES 305 Exam #4 Questions And Answers
Sole proprietorship - AnswerIndividual ownership and operation of a business
/.Partnership - AnswerVoluntary association of two or more persons as co-owners in a busin
ess for profit
/.Corporation - AnswerAn entity formed by statute that has the right...
LES 305 Exam #4 Questions And
Answers
Sole proprietorship - AnswerIndividual ownership and operation of a business
/.Partnership - AnswerVoluntary association of two or more persons as co-owners in a
busin
ess for profit
/.Corporation - AnswerAn entity formed by statute that has the rights of a legal person
along with limited liability for its shareholder owners
/.Limited liability company - AnswerNewer form of business organization in which
liability is limited except for conduct that is illegal
/.Limited liability partnership - AnswerNewest form of business organization, in which
partners' liability is limited
/.Uniform Partnership Act (UPA) - AnswerLaw on partnerships adopted in 49 states
/.Revised Uniform Partnership Act (RUPA) - AnswerUpdate of partnership law
/.Partnership by implication - AnswerCreation of a partnership by parties' conduct
/.Partnership by estoppel - AnswerPartnership that arises by perception of third parties
of its existence
/.Dissolution - AnswerWhen partner ceases to be associated with the partnership
/.Limited partnership - AnswerPartnership with two types of partners: general and
limited
/.General partner - AnswerFull and personal liability partner
/.Limited partner - AnswerPartner whose personal liability is limited to capital
contributions
/.Uniform Limited Partnership Act (ULPA) - AnswerUniform law adopted in nearly every
state
/.Revised Uniform Limited Partnership Act (RULPA) - AnswerUpdate of limited
partnership law
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