BUSA 2106 exam 2 Questions and Answers 100% Pass
Sole Proprietorship - ✔✔also known as the sole trader or simply a proprietorship, is a type of business
entity that is owned and run by one natural person and in which there is no legal distinction between the
owner and the business.
General Partnership - ✔✔A arrangement by which partners conducting a business jointly have unlimited
liability, which means their personal assets are liable to the partnership's obligations.
Limited Partnership - ✔✔is a form of partnership similar to a general partnership, except that where a
general partnership must have at least two general partners (GPs), a limited partnership must have at
least one GP and at least one limited partner.
Limited Partner - ✔✔Partners who invest capital but do not participate in management and are not
personally liable for partnership debts beyond their capital contributions
General partner - ✔✔Partners who invest capital, manage the business, and are personally liable for
partnership debts
Certificate of limited partnership - ✔✔sets rules for limited and general partners in limited partnership
Limited liability companies - ✔✔is the United States-specific form of a private limited company. It is a
business structure that combines the pass-through taxation of a partnership or sole proprietorship with
the limited liability of a corporation.
Member - ✔✔Owner of an LLC
Articles of organization - ✔✔Formal documents that must be filed at the secretary of state's office of the
state of organization of an LLC to form the LLC
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©EmilyCharlene 2024. All Rights Reserved.
Sole Proprietorship - ✔✔also known as the sole trader or simply a proprietorship, is a type of business
entity that is owned and run by one natural person and in which there is no legal distinction between the
owner and the business.
General Partnership - ✔✔A arrangement by which partners conducting a business jointly have unlimited
liability, which means their personal assets are liable to the partnership's obligations.
Limited Partnership - ✔✔is a form of partnership similar to a general partnership, except that where a
general partnership must have at least two general partners (GPs), a limited partnership must have at
least one GP and at least one limited partner.
Limited Partner - ✔✔Partners who invest capital but do not participate in management and are not
personally liable for partnership debts beyond their capital contributions
General partner - ✔✔Partners who invest capital, manage the business, and are personally liable for
partnership debts
Certificate of limited partnership - ✔✔sets rules for limited and general partners in limited partnership
Limited liability companies - ✔✔is the United States-specific form of a private limited company. It is a
business structure that combines the pass-through taxation of a partnership or sole proprietorship with
the limited liability of a corporation.
Member - ✔✔Owner of an LLC
Articles of organization - ✔✔Formal documents that must be filed at the secretary of state's office of the
state of organization of an LLC to form the LLC
Page 1/3
©EmilyCharlene 2024. All Rights Reserved.
