Lenb Business Orgs Questions With 100% Correct Answers.
15 views 0 purchase
Course
Lenb Business Orgs
Institution
Lenb Business Orgs
Parties not named in a partnership agreement can be considered partners through a
partnership by estoppel. Identify a true statement about such a party who is considered
a partner. - ️️In many states, the party can be held liable for the costs of the
damages to the customer.
Which of the fo...
Lenb Business Orgs
Parties not named in a partnership agreement can be considered partners through a
partnership by estoppel. Identify a true statement about such a party who is considered
a partner. - ✔️✔️In many states, the party can be held liable for the costs of the
damages to the customer.
Which of the following is not a duty of partners to one another? - ✔️✔️The beneficiary
duty to the other partners
A ______ proprietorship is a business in which one person is in control of the
management and profits. - ✔️✔️sole
If a person started doing business without thinking about the form of the business, he or
she would be a(n) ______. - ✔️✔️sole proprietor
Which of the following is not a recognized advantage of a sole proprietorship? -
✔️✔️Funding is unlimited as stock can be issued to address capital needs.
The proprietor is immune from personal liability for all losses.
Identify a recognized disadvantage of a sole proprietorship. - ✔️✔️Funding is limited to
personal funds and loans.
If a person decides to go into business on his or her own, he or she is creating a
______. - ✔️✔️sole proprietorship
A(n) ______ is the single person at the head of a sole proprietorship - ✔️✔️sole
proprietor
According to __________, a partnership is a voluntary association between two or more
persons who co-own a business for profit. - ✔️✔️the Uniform Partnership Act (UPA)
Deciding what form of business to create is on of the ______ important decisions a
business makes. - ✔️✔️most
Which of the following is a recognized disadvantage of a sole proprietorship? -
✔️✔️The proprietor has personal liability for all losses.
Which of the following is not a recognized advantage of a partnership? - ✔️✔️Individual
partners have immunity from personal liability for all business losses.
, Financial capital can be raised through stock issuance.
A partnership is a ______ association between two or more persons who co-own a
business for ______. - ✔️✔️voluntary; profit
Which of the following is a recognized disadvantage of a partnership? - ✔️✔️Each
partner has personal liability for all business losses.
A written agreement that creates a partnership is called the articles of ______. -
✔️✔️partnership
Identify a recognized disadvantage of a partnership. - ✔️✔️In most cases, each partner
has personal liability for the business losses of another partner.
A partnership is a ______ association between two or more persons who co-own a
business for ______. - ✔️✔️voluntary; profit
The articles of partnership usually include all but which of the following information? -
✔️✔️The classes of stock issued by the partnership
Which of the following is an accurate statement about the formation of partnerships? -
✔️✔️A written agreement that creates a partnership is called the articles of partnership.
Which of the following is typically not included in the articles of partnership? - ✔️✔️The
educational credentials and work experience of each partner
According to most states, in which of the following situations does a partnership by
estoppel exist? - ✔️✔️A third party is aware of a misrepresentation of partnership and
consents to the misrepresentation.
Which of the following is the second stage in the termination of a partnership? -
✔️✔️The winding-up stage
______ defines the ______ of a partnership as the change in the relation of the partners
caused by any partner's ceasing to be associated with the carrying on of the business. -
✔️✔️The Uniform Partnership Act (UPA); dissolution
Parties not named in a partnership agreement can be considered partners through a(n)
______. - ✔️✔️partnership by estoppel
The benefits of buying summaries with Stuvia:
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
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
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 this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller PatrickKaylian. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R155,69. You're not tied to anything after your purchase.
