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- 1. Multiple Choice
An industrial partner cannot be a general partner.
True
False
- 2. Multiple Choice
The characteristic of unlimited liability is a disadvantage on the point of view of the creditor.
True
False
- 3. Multiple Choice
It is easier to change ownership in a corporation than in a partnership.
True
False
- 4. Multiple Choice
Which of the following is not a characteristic of all partnerships?
taxable entity
co-ownership of property
mutual agency
voluntary association
- 5. Multiple Choice
The partners have the following rights, except one:
share in profits
receive net assets at liquidation point
co-manage the business
transfer ownership at will
- 6. Multiple Choice
A partnership has an indefinite life like a corporation.
True
False
- 7. Multiple Choice
Access to more capital is an advantage of a partnership over a sole proprietorship.
True
False.
- 8. Multiple Choice
A capitalist partner cannot be a limited partner.
True
False
- 9. Multiple Choice
An ostensible partner is one who is known to the public that he is a partner, and has active management participation.
True
False
- 10. Multiple Choice
A dormant partner is one who is not known to the public that he is a partner, but is actively participating in the management of the partnership.
True
False
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