Partnership

Question 1

Partnership

Answer 1

The association of 2 or more people to carry on as co-owners a business for profit whether or not the persons intended to form the partnership.

Question 2

The association of 2 or more people to carry on as _____ a business for profit whether or not the persons intended to form the partnership.

Answer 2

Co-owners

Question 3

The association of 2 or more people to carry on as co-owners a ______ whether or not the persons intended to form the partnership.

Answer 3

Business for profit

Question 4

If a partner attempts to form a limited partnership but does not successfully file the paperwork, then a _______ is formed by default.

Answer 4

General Partnership

Question 5

______ creates a presumption that a person is a partner in a business unless the profits were received as payment for a debt, rent, wages, etc.

Answer 5

Profit-sharing

Question 6

Other indicia of a partnership, besides profit sharing:

Answer 6

1. Contributing capital
2. Control
3. Partnership agreement
4. How title to property is held
   Etc.

Question 7

In a partnership, profits and losses are shared equally unless otherwise stated. (Regardless of capital contribution by each partner). Losses are shared _____.

Answer 7

Like profits

Question 8

In a partnership, profits and losses are _____ unless otherwise stated. (Regardless of capital contribution by each partner). Losses are shared like profits.

Answer 8

Shared equally

Question 9

In a partnership, profits and losses are shared equally unless _______. (Regardless of capital contribution by each partner). Losses are shared like profits.

Answer 9

Otherwise stated

Question 10

LLP - must file a ______

Answer 10

Statement of Qualification