partnership

Question 1

a type of business that requires 2 or more people acting together for business purposes

Answer 1

partnership

Question 2

what do partners get in a partnership

Answer 2

right to withdraw limited funds and salaries

Question 3

who are the owners of a c corp?

Answer 3

shareholders

Question 4

does a C-corp or an S-corp have double taxation?

Answer 4

c-corp

Question 5

true or false s-corp has a limited number of shareholders

Answer 5

true, it’s 100

Question 6

do partnerships take their share of profits out of the company?

Answer 6

no

Question 7

what is the benefit of establishing a limited liability over a partnerships

Answer 7

the owners are not responsible for acts of employees or other owners

Question 8

what establishes standards and rules for an article of partnership

Answer 8

Uniform Partnership Act

Question 9

what does the UPA classify a partnership as

Answer 9

an entity

Question 10

what does the UPA say about splitting the shares of the partners

Answer 10

gives them an equal share of profits

Question 11

entity where only one general partner manages and the losses are restricted to the amount originally invested

Answer 11

limited partnerships

Question 12

entity where the owners are only liable for their acts and those of their “direct” supervision

Answer 12

limited liability partnership

Question 13

true or false allocation of income is a form of payment

Answer 13

false

Question 14

how is money distributed in the allocation of income

Answer 14

the amount distributed is based on the agreed amount set up in the partnership agreement