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- 1. Multiple Choice
-Two or more owners
-Lower taxes
-Unlimited Liability
Partnership
Sole Proprietorship
Corporation
All of the above
- 2. Multiple ChoiceA _______________ is a business owned jointly by two or more people.PartnershipCorporationLimited Liability Corporation (LLC)Sole Propirtorship
- 3. Multiple Choice
What type of paperwork is needed for a Partnership?
Business License
Partnership Agreement
Corporate Charter
Franchise Agreement
- 4. Multiple Choice
Which of the following is a disadvantage of setting up a business as a partnership?
Shared losses
Shared workload
Shared profit
More ideas generated
- 5. Multiple Choice
list two disadvantages of partnership (REM)
(I) partners might not all contribute equal
(ii) partnership has unlimited liability
(i) cash flow is often a problem
(ii) there could be a lack of capital and cash flow
(i) limited amount of capital available
(ii) ineffective services
- 6. Multiple Choice
When one person has full responsibility and the other is “silent partner” it is a:
General Partnership (GP)
Limited Liability Partnership (LLP)
Limited Partnership (LP)
it is not a partnership
- 7. Multiple Choice
How many partners are there in a typical partnership?
2
2-4
2-20
1
- 8. Multiple Choice
More owners means more disagreements for what type of structure?
Public Limited
Partnerships
Private Limited
Sole Trader
- 9. Multiple Choice
_______________is a legal term for being held accountable
Liability
Assets
Bankruptcy
Claim
- 10. Multiple Choice
Disadvantages for this type of business include: owner pays for everything, hard to get money to start from the bank, owner might lack skills & unlimited liability.
Sole Proprietorship
Partnership
Corporation
Limited liability company
- 11. Multiple Choice
Advantages of this business include: easier to get money from the bank to start, share skills and share risks.
Sole Proprietorship
Partnership
Corporation
Limited liability company
- 12. Multiple Choice
Owners of a _____________________ are personally liable for the company's actions and debts.
Franchise
Sole proprietorship
Partnership
Corporation
- 13. Multiple ChoiceA partnership in which two or more people or firms combine their resources to complete one complex project.joint venturesilent partnernominal partnersecret partner
- 14. Multiple Choice
How is a general partnership organised?
Every partner shares equally in both responsibility and liability
The doctors, lawyers, or accountants who form a general partnership hire others to run the partnership
No partner is responsible for the debts of the partnership beyond his or her investment
Only one partner is responsible for the debts of the partnership
- 15. Multiple ChoiceWhat is a major advantage of a business that is a partnership rather than a sole proprietorship?The responsibility for the business is sharedThe business is easy to set upThe partners are not responsible for business debtsThe business is easy to sell
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