Business law propletorship cannot generate more than $10 million in proceeds per
ID: 2585726 • Letter: B
Question
Business law
propletorship cannot generate more than $10 million in proceeds per tax year. The owner of a proprietorship is personally liable for all the debts of the proprietorship. a 2. Which business entity is defined as "an association of two or more owners who carry on as co-owners a business for profit?" a. Proprietorship b. General partnership c. Subchapter S corporation d. Limited Liability Company 3. Which of the following is not an ad a. Partners have limited liability for the debts of the partnership b· The costs to form a partnership are minimal. c. All partners have equal management rights. d. All of the above are advantages of a general partnership. Nelson and Jack are both avid sailors. When a sailing acquaintance put his older, but still highly desirable, boat up for sale, Nelson and Jack agreed to pool their resources to buy and fix up the boat, then sell it and split the profits. This is an example of a(n)- 4. a. General partnership b. Limited partnership Joint venture d. Proprietorship 5. In a limited partnership (LP), what are the partners who have unlimited personal liability for the dehts of the IP?Explanation / Answer
2.
Correct answer is b.
A general partnership is defined as an association of two or more owners who carry on as co-owners a business for profit.
3.
Correct answer is a.
In a general partnership, partners have ulimited liability for the debts of the partnership.
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