100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
BUL 5810 - UNINCORPORATED BUSINESS ASSOCIATIONS Questions & 100% Correct Answers $10.69   Add to cart

Exam (elaborations)

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

 6 views  0 purchase
  • Course
  • BUL 5810
  • Institution
  • 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...

[Show more]

Preview 3 out of 20  pages

  • September 12, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUL 5810
  • BUL 5810
avatar-seller
ExamArsenal
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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamArsenal. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.69. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80461 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.69
  • (0)
  Add to cart