BUSI 301 Liberty University -BUSI 301 Chapter 13 verified/passed

BUSI 301 Liberty University -BUSI 301 Chapter 13 verified/passedPrincipals - correct answer Owners of a business entity Sole Proprietorship - correct answer One-person business entity with minimal filing requirements Partnership - correct answer Multiple-person business entity where the partners conduct an ongoing business relationship in which profits and losses are shared Express Partnerships - correct answer Partnerships formed when the parties have agreed to conduct a partnership on certain terms and conditions Implied partnerships - correct answer Partnerships formed when the parties have acted like general partners even if the parties did not agree or intend to form a partnership Joint venture - correct answer Business relationship between two or more parties for a limited-in-time venture Jointly and severally liable - correct answer Legal principle that imposes liability on partners both together (jointly) and separately (severally) for debts and liabilities of the partnership Pass-through entity - correct answer Business entity that does not pay corporate taxes, such as a partnership. Rather, any profits are taxed at individual rates when distributed to the partners Fiduciary duties - correct answer Under the revised Uniform Partnership Act (RUPA), general partners have the duties of loyalty, care, and good faith to ensure they are acting in the best interest of the partnership Certificate of limited partnership - correct answer The document filed with the state government authority by the general partner to form a limited partnership, requiring routine information such as the names, addresses, and capital contribution of each partner