Five question Brainscape

Question 1

Test

Answer 1

Answer

Question 2

Q001. - Types of Business Structures

Answer 2

A001. - 1 sole proprietorships - 2 general partnerships - 3 limited partnerships - 4 limited liability partnerships (LLP) - 5 joint ventures - 6 limited liability companies (LLC) - 7 corporations

Question 3

Q002. - Advantages of a Sole Proprietorship

Answer 3

A002. - 1 easy to form & operate - 2 business can be sold without approval from others - 3 owner has right to make all business decisions - 4 profits are not shared w/others

Question 4

Q003. - Disadvantages of a Sole Proprietorship

Answer 4

A003. - 1 the owner suffers all of the loss - 2 capital is limited by what the owner has or can borrow - 3 unlimited personal liability

Question 5

Q004. - Definition of Partnership

Answer 5

A004. - An assn of two or more persons and/or entities to carry on a business as co-owners for profit (not including passive co- ownership & not-for-profit unincorporated assns)

Question 6

Q005. - Elements of Co-ownership in a Partnership

Answer 6

A005. - 1 profit sharing (is not always in equal increments) - 2 joint control (each partner has = right to participate in mgmt) - 3 RUPA states that partner is no longer co-owner of partnership property