FORMS OF BUSINESS ORGZ practice questins

20 terms by rkaiser1

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Leigh wants to go into the business of construction contracting. Among the reasons that would probably convince Leigh to set up her business as a sole proprietorship would be:

a

Clive sells Direct Marketing Enterprises, a sole proprietorship to Sarah? This is a transfer of

d

John owns Java Coffee, a sole proprietorship. John's liability is:

d

Bob and Clara decide to do business as Marketing and Promotion Services, a partnership. To be a partnership, this association can result from an agreement that is:

c

Dave and Dan are partners in First-Place Athletic Supplies, which sells sports equipment. Dave manages the business. Unless the partnership agreement states otherwise, Dave is:

d

Fay is admitted to Global Associates, an existing partnership. A partnership debt incurred before the date of Fay's admission comes due. Fay is:

b

Cliff, Dave, and Elton do business as Organic Valley Farm, a partnership. Cliff's relationship to the partnership ends, but it continues to do business. Cliff's ceasing to be involved with Organic Valley Farm is termed

a

Maury, Neil, and Ogden want to form a limited partnership for their photography business. Their organization must be:

a

Deb is considering forms of business organization for Deb's Designs, a clothing design firm. An advantage of a limited liability partnership is that partners can avoid personal liability for:

d

Brad is a general partner and Carlos and Dora are limited partners in Eastside Physicians, a medical clinic and limited partnership. Carlos's assignment of his interest in Eastside to Good Credit Corporation results in:

a

Brad is a general partner and Carlos and Dora are limited partners in Eastside Physicians, a medical clinic and limited partnership. Eastside is dissolved and its assets are collected, liquidated, and distributed. These actions result in

d

Bruce is a general partner in Capitol Realty, LLLP, which cannot pay its debts. Bruce is personally liable for the debts

c

Blue is considering forms of business organization for Consult Me!, his website consulting firm. Most states require that a limited liability company have at least:

b

Don is considering forms of business organization for his financial advisory firm. Like most states, Don's state requires that to form a limited liability company, he must file with a central state agency:

a

Energy Resources, LLC, rather than distribute its profits to its members, Energy

a

Wallace is a member of the Wallace Consulting, LLC, a limited liability company. Wallace is liable for Wallace Consulting's debts

b

Tech, LLC is a limited liability company. Among its members, a dispute arises that the operating agreement does not cover. The dispute is governed by:

a

Waste Management Services, LLC is a member-managed limited liability company. If the law in Waste's state is like the law in most states, unless the members have agreed otherwise, voting rights are apportioned according to:

a

Fritz is interested in buying a franchise from Franchise, Inc. This transaction, like other franchise deals, is regulated to protect

c

Nicholas is interested in buying a franchise from Waltz, Inc. For Nicholas to make an informed decision concerning this purchase, Waltz must disclose in writing or online:

b

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