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BUL 5810 - UNINCORPORATED BUSINESS ASSOCIATIONS Questions & 100% Correct Answers $10.69   Add to cart

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BUL 5810 - UNINCORPORATED BUSINESS ASSOCIATIONS Questions & 100% Correct Answers

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  • BUL 5810

A legal entity separate and distinct from its owners referred to as shareholders, and formed by filing articles of incorporation is a: ~~> corporation A partner who has no right to participate in control of the business and who has limited liability is called a: ~~> limited partner...

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  • September 12, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUL 5810
  • BUL 5810
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1 | P a g e | © copyright 2024/2025 | Grade A+




BUL 5810 - UNINCORPORATED BUSINESS
ASSOCIATIONS Questions & 100% Correct
Answers
A legal entity separate and distinct from its owners referred to as

shareholders, and formed by filing articles of incorporation is a:

✓ ~~> corporation




A partner who has no right to participate in control of the business and who

has limited liability is called a:

✓ ~~> limited partner




In choosing the form in which to conduct business, if ease of formation is the

primary concern, the owners would choose a:

✓ ~~> general partnership




A __________ is an unincorporated business association consisting of at least

one general partner and at least one limited partner.

✓ ~~> limited partnership




Which of the following is the most convincing evidence of a partnership

arrangement?



Master01 | September, 2024/2025 | Latest update

, 2 | P a g e | © copyright 2024/2025 | Grade A+



a. Two or more persons are co-owners of property used in a business.

b. Two or more persons have a written agreement regarding a fundraiser for

charity.

c. Two or more persons carry on a business for profit, but they have no formal

agreement.

d. Two persons share a joint savings account in which they deposit money

and share the interest.

✓ ~~> Two or more persons carry on a business for profit, but they have

no formal agreement.




Which of the following would lack the capacity to become a partner?

a. A trust.

b. An adjudicated incompetent.

c. A corporation

✓ ~~> An adjudicated incompetent




Which of the following forms of business association may elect that only the

partners/members are taxed?

a. General partnerships.

b. Limited partnership.

c. Limited liability company.


Master01 | September, 2024/2025 | Latest update

, 3 | P a g e | © copyright 2024/2025 | Grade A+



✓ ~~> All of these!!!




A partnership agreement should include all but which one of the following?

a. The duties of the partners.

b. The capital contribution of the partners.

c. The agreement for dividing tax liability of the partnership.

d. The division of profits and losses.

✓ ~~> The agreement for dividing tax liability of the partnership




A partner owes all of the following duties to the partnership except:

a. duty of loyalty.

b. duty of obedience.

c. duty of care.

d. duty of control.

✓ ~~> Duty of Control




A partner's interest is subject to the claims of that partner's creditors who may

obtain a judicial lien known as a(n) __________ against the partner's

transferable interest.




Master01 | September, 2024/2025 | Latest update

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