BUL 5810 Study Guide Questions & 100% Correct Answers
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Course
BUL 5810
Institution
BUL 5810
A corporation may not be a partner in a partnership.
~~> false
Under the common law, a partnership is generally considered to be a legal
entity rather than an
aggregate of individuals.
~~> False
Partners may elect to have the partnership not be a separate taxable entity,
so that ...
The form of business association known as a partnership can be traced to
ancient Babylonia and
classical Greece and was used in England during the Middle Ages.
✓ ~~> True
Corporations today outnumber unincorporated business associations.
✓ ~~> false
All states have authorized the formation of limited liability companies
✓ ~~> true
All 50 states have adopted the Revised Uniform Partnership Act.
✓ ~~> false
The trustees are generally not personally liable for the debts of a business
trust.
✓ ~~> False
Because the statute of frauds does not apply expressly to a contract for the
formation of a
partnership, usually no writing is required to create the relationship.
Master01 | September, 2024/2025 | Latest update
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