LES 305 Exam #4 Questions With Complete
Solutions
Sole proprietorship Individual ownership and operation of a business
Partnership Voluntary association of two or more persons as co-owners in a business for
profit
Corporation An entity formed by statute that has the rights of a legal person along with
limited liability for its shareholder owners
Limited liability company Newer form of business organization in which liability is
limited except for conduct that is illegal
Limited liability partnership Newest form of business organization, in which partners'
liability is limited
Uniform Partnership Act (UPA) Law on partnerships adopted in 49 states
Revised Uniform Partnership Act (RUPA) Update of partnership law
, LES 305 Exam #4 Questions With Complete
Solutions
Partnership by implication Creation of a partnership by parties' conduct
Partnership by estoppel Partnership that arises by perception of third parties of its
existence
Dissolution When partner ceases to be associated with the partnership
Limited partnership Partnership with two types of partners: general and limited
General partner Full and personal liability partner
Limited partner Partner whose personal liability is limited to capital contributions
Uniform Limited Partnership Act (ULPA) Uniform law adopted in nearly every state
Revised Uniform Limited Partnership Act (RULPA) Update of limited partnership law
Solutions
Sole proprietorship Individual ownership and operation of a business
Partnership Voluntary association of two or more persons as co-owners in a business for
profit
Corporation An entity formed by statute that has the rights of a legal person along with
limited liability for its shareholder owners
Limited liability company Newer form of business organization in which liability is
limited except for conduct that is illegal
Limited liability partnership Newest form of business organization, in which partners'
liability is limited
Uniform Partnership Act (UPA) Law on partnerships adopted in 49 states
Revised Uniform Partnership Act (RUPA) Update of partnership law
, LES 305 Exam #4 Questions With Complete
Solutions
Partnership by implication Creation of a partnership by parties' conduct
Partnership by estoppel Partnership that arises by perception of third parties of its
existence
Dissolution When partner ceases to be associated with the partnership
Limited partnership Partnership with two types of partners: general and limited
General partner Full and personal liability partner
Limited partner Partner whose personal liability is limited to capital contributions
Uniform Limited Partnership Act (ULPA) Uniform law adopted in nearly every state
Revised Uniform Limited Partnership Act (RULPA) Update of limited partnership law
