FORMS OF BUSINESS ORGZ practice questins

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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:


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


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


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:


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:


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


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


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


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:


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:


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


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


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:


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:


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


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


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:


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:


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


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:


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