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AFSB 152 - Chapter 2 (Review Questions and answers 2024)AFSB 152 - Chapter 2 (Review Questions and answers 2024)
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AFSB 152 - Chapter 2 (Review Questions and answers 2024)
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AFSB 152 -Chapter 2
(Review
Questions and
answers 2024)
1. Identify the basic types of business
entities and explain their investors'
limitations of liability (p. 2.3) - answer Types
of business entities include:
- Sole proprietorship: The proprietor has
unlimited personal liability for its conduct in
tort, contract, and business dealings.
- Partnership: The general partner typically
has unlimited personal liability for claims
against the partnership. The limited partner
usually has liability only to the extent of its
capital contribution.
, - Limited liability company: The company
member typically has liability to its
investment in the corporation.
- Joint venture: Each joint venturer is jointly
and severally liable for completing the entire
project regardless of it's percentage of
participation in the joint venture.
2. Describe the disclosures typically found in
the following types of joint venture
arrangements:
a. Open joint venture (p. 2.8) - answer Open
joint venture: The partcipants intend to
disclose to third parties that have in fact
formed a joint venture.
2. Describe the disclosures typically found in
the following types of joint venture
arrangements:
b. Silent joint venture (p. 2.8) - answer
Silent joint venture: The participants may not
want to others that a joint venture exists.
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