Roessing LEGL 2700 Test 4 Exam
Questions With 100% Verified Answers
closely held -
correct answer ✅an organization that is owned by only a few
people
publicly held -
correct answer ✅a business organization that has hundreds, if not
thousands, of owners who can exchange their ownership interests
on public exchanges
dissolution -
correct answer ✅the cancellation of an agreement, thereby
rescinding its binding force. A partnership is dissolved anytime
there is a change in partners. A corporation's dissolution occurs
when that business entity ceases to exist.
sole preprietorship -
correct answer ✅the simplest form of business organization,
created and controlled by one owner
partnership -
correct answer ✅a business organization involving two or more
persons agreeing to conduct a commercial venture while sharing its
profits and losses
, Roessing LEGL 2700 Test 4 Exam
Questions With 100% Verified Answers
articles of partnership -
correct answer ✅another name for a formally drafted partnership
agreement
assumed-name statute -
correct answer ✅a state law that requires partners to make a
public filing of their identities if their partnership operates under a
name that does not reveal the partners' identities
buy and sell agreement -
correct answer ✅a contract, usually among partners, but perhaps
among shareholders, wherein one party agrees to buy the
ownership interest held by another party or the first party agrees to
sell such an interest to the other party. these contractual provisions
help provide for a transition of owners without harming the
business of the organization
jointly and severally liable -
correct answer ✅the legal principle that makes two or more
people, usually partners, liable for an entire debt as individuals or
in any proportional combination
Questions With 100% Verified Answers
closely held -
correct answer ✅an organization that is owned by only a few
people
publicly held -
correct answer ✅a business organization that has hundreds, if not
thousands, of owners who can exchange their ownership interests
on public exchanges
dissolution -
correct answer ✅the cancellation of an agreement, thereby
rescinding its binding force. A partnership is dissolved anytime
there is a change in partners. A corporation's dissolution occurs
when that business entity ceases to exist.
sole preprietorship -
correct answer ✅the simplest form of business organization,
created and controlled by one owner
partnership -
correct answer ✅a business organization involving two or more
persons agreeing to conduct a commercial venture while sharing its
profits and losses
, Roessing LEGL 2700 Test 4 Exam
Questions With 100% Verified Answers
articles of partnership -
correct answer ✅another name for a formally drafted partnership
agreement
assumed-name statute -
correct answer ✅a state law that requires partners to make a
public filing of their identities if their partnership operates under a
name that does not reveal the partners' identities
buy and sell agreement -
correct answer ✅a contract, usually among partners, but perhaps
among shareholders, wherein one party agrees to buy the
ownership interest held by another party or the first party agrees to
sell such an interest to the other party. these contractual provisions
help provide for a transition of owners without harming the
business of the organization
jointly and severally liable -
correct answer ✅the legal principle that makes two or more
people, usually partners, liable for an entire debt as individuals or
in any proportional combination
