BUSINESS ENTITIES (EXAM 1)-QUESTIONS AND ANSWERS GRADED A+
BUSINESS ENTITIES (EXAM 1)-QUESTIONS AND ANSWERS GRADED A+ SOLE PROPIERTORSHIP - ANSWER-... ownership - ANSWER-sole proprietor owns everything creation/maintence - ANSWER-easiest to create tax - ANSWER-pass-thru, not taxed as an entity liability - ANSWER-100% personal libability control/management - ANSWER-SP, can have employees attractive to investors? - ANSWER-no, you can quit tomorrow termination - ANSWER-easy to quit advantages - ANSWER-full control no corporate tax flexibility cheap and easy disadvantages - ANSWER-liability not scaleable limited funds GENERAL PARTNERSHIP - ANSWER-... RUPA/termination for partnership - ANSWER-46 states adopted this - if partner leaves, 2/3 of rest must vote for continuation - the partner who left is disassociated - MUST exhaust the partnership assets first, then personal assets legal partnership definition - ANSWER-2 or more persons doing business together for profit ease of creation - ANSWER-less simple, need rules ownership - ANSWER-by all partners (equally or otherwise)
Written for
- Institution
- BUSINESS ENTITIES
- Course
- BUSINESS ENTITIES
Document information
- Uploaded on
- April 3, 2024
- Number of pages
- 90
- Written in
- 2023/2024
- Type
- Exam (elaborations)
- Contains
- Questions & answers
Subjects
- sole propiertorship
- limited liability company
- termination
- liability
- distributorship franchise
- franchises
- manufactur
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business entities exam 1 questions and answers
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advantages of the sole proprietorship
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