Each partner is liable Study guides, Class notes & Summaries

sole proprietorship - business owned and operated by one person unlimited liability - legal exposure in which an owner of a business is personally liable for all of the debts and obligations of the business what is the most popular form of business organization in the US? - sole proprietorship sole proprietorship advantages - -easily established -no partners or shareholders -only pay taxes on income generated -all after tax profit stays with the owner -minimal government regulation sole...

Types of Business correct answers sole proprietorship General Partnership Limited Partnership Limited Liability Company Corporation Uniform Partnership Act correct answers governs partnership and partnership relations Sole Proprietorship correct answers you have all the gain and all the pain Easiest form of business to operate and open Owner is "personally" liable for all debts and damages of the business Respondeat Superior (RS) applies to every agent who acts for t...

Jurisprudence IUSD 2023 Correct answers latest update 2024 Which practice association is the easiest and least expensive to form and why? The Sole Proprietorship is the simplest form of business organization and, therefore, the least expensive to maintain. There are normally no formalities required to begin What is a Certificate of Assumed Business Name and how does it pertain to a dental practice? A Certificate of assumed business Name is a state form used to identify your business. ...

Jurisprudence IUSD Update(raWhich practice association is the easiest and least expensive to form and why? -ANSWER *The Sole Proprietorship* is the simplest form of business organization and, therefore, the least expensive to maintain. There are normally no formalities required to begin What is a Certificate of Assumed Business Name and how does it pertain to a dental practice? -ANSWER A *Certificate of assumed business Name* is a state form used to identify your business. Does a sole pro...

When a business is purchased by a new owner, what happens in regards to the "EIN"? - A new EIN is required A clause that means that a subcontractor is bound by the same obligations as are required of the general contractor is called: - Flow-down clause What are the three key functions on a business plan? - Planning Tool, Loan or Investor Document, Benchmarking tool A contractor's Business Plan does NOT include? - Contract Documents Which business structure is considered the simple...

Entrepreneur - Answer-One who initiates and assumes the financial risk of a new business enterprise and undertakes to provide or control its management Sole Proprietorship - Answer-The simplest form of business organization, in which the owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business. Sole Proprietorship in TX - Answer-You can establish without filing any legal documents. 1) choose a B...

Proprietorship correct answers Oldest/Simplest Form of Business -Unincorporated Business owned by One Person or Husband and Wife -Default Setting Advantages to Proprietorship correct answers -Easy to maintain -One owner -No Registration with the Government -Profits are Exclusive to Owner (Must withhold Self-Employment Taxes) Disadvantages to Proprietorship correct answers -Personally Liable(Debts and Liabilities) -Limited Financing Options -Difficult to attract long-term Employees ...

NOCTI Study Guide Practice Questions WITH COMPLETE SOLUTIONS If a business conducts SWOT analysis to decide whether or not to expand, which of the following would be categorized as an ''O''? A. money is available for the expansion B. there is the potential for increased profits C. new competition could enter the market D. company expenses have increased - Correct Answers B. there is the potential for increased profits B is correct because a SWOT analysis is a planning tool used to de...

Which business organization is regulated the least by the government? CORRECT ANSWER Sole Proprietorship In a general partnership, each partner is liable for the debt of the company up to the percentage of the company they own. CORRECT ANSWER false What business organization provides the most financial protection for the owners? CORRECT ANSWER Corporation Sole Proprietorships can issue and sell stock in the company to raise capital. CORRECT ANSWER false Can a corporation actually be ...

Business Enterprise Any operation established to produce or supply goods/services desired by consumers generally with a view to making profit. Factors of Production The inputs of land, labour, capital and enterprise required to produce or supply goods/services. Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More Entrepreneur Someone who starts and runs a business and has the responsibility of the risks in...