Business Structure MCQs

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Which of the following statements is not true of a sole proprietorship?






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A general partnership must






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Which of the following can be a partnership?






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A silent partner in a general partnership






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Lark, a partner in DSJ, a general partnership, wishes to withdraw from the partnership and sell Lark’s interest to Ward. All of the other par...






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A partnership agreement must be in writing if






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Sydney, Bailey, and Calle form a partnership under the Revised Uniform Partnership Act. During the first year of operation, the partners have fundam...






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Which of the following is not true of a general partnership?






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The partnership agreement for Owen Associates, a general partnership, provided that profits be paid to the partners in the ratio of their financial ...






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Cobb, Inc., a partner in TLC Partnership, assigns its partnership interest to Bean, who is not made a partner. After the assignment, Bean asserts th...






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The apparent authority of a partner to bind the partnership in dealing with third parties






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In a general partnership, which of the following acts must be approved by all the partners?






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Under the Revised Uniform Partnership Act, partners have joint and several liability for






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Which of the following actions require(s) unanimous consent of the partners under partnership law? I. Making partnership a surety. II. Admission of...






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Which of the following statements best describes the effect of the assignment of an interest in a general partnership?






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Under the Revised Uniform Partnership Act, in which of the following cases will property be deemed to be partnership property? I. A partner acquires...






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Wind, who has been a partner in the PLW general partnership for four years, decides to withdraw from the partnership despite a written partnership a...






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Which of the following statements is correct with respect to a limited partnership?






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Sharif, Hirsch, and Wolff formed a limited partnership with Sharif and Hirsch as general partners. Wolff was the limited partner. They failed to agr...






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Which of the following is (are) true of a limited partnership? I. Limited partnerships must have at least one general partner. II. The death of a li...






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Alchorn, Black, and Chan formed a limited partnership with Chan becoming the only limited partner. Capital contributions from these partners were $2...






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To create a limited partnership, a certificate of limited partnership must be filed with the Secretary of State. Which of the following must be incl...






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Mandy is a limited partner in a limited partnership in which Strasburg and Hua are the general partners. Which of the following may Mandy do without...






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In a limited partnership, the limited partners’ capital contribution may be in which of the following forms?






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Hart and Grant formed Hart Limited Partnership. Hart put in a capital contribution of $20,000 and became a general partner. Grant put in a capital c...






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The admission of a new general partner to a limited partnership requires approval by I. A majority of the general partners. II. All of the general ...






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The admission of a new limited partner to a limited partnership requires approval by I. A majority of the general partners. II. All of the general ...






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Riewerts, Morgar and Stonk form a limited partnership. Riewerts is the one general partner. Which of the following events will cause this limited pa...






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Which of the following is not true of a joint venture?






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Which form(s) of a business organization can have characteristics common to both the corporation and the general partnership? Limited liability comp...






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Which of the following is true of a limited liability company under the laws of the majority of states?






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Which of the following is not characteristic of the typical limited liability company?






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Owners and managers of a limited liability company (LLC) owe






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Which of the following is true of the typical limited liability company?






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In which of the following respects do general partnerships and limited liability partnerships differ? I. In the level of liability of the partners f...






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Under the federal Subchapter S Revision Act, all corporations are designated as






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Under the federal Subchapter S Revision Act all corporations are






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Which of the following statements is (are) true?






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The main difference between Subchapter S corporations and Subchapter C corporations is






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Which of the following statements best describes an advantage of the corporate form of doing business?






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Which of the following is not considered to be an advantage of the corporate form of doing business over the partnership form?






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Which of the following is not a characteristic of a corporation?






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A corporation as a separate legal entity can do which of the following?






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Which of the following are characteristics of the corporate form of doing business?






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Which of the following is a disadvantage of a Subchapter C corporation?






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Bond Company is incorporated in Florida but not in Georgia. Bond has branch offices in both states. Which of the following is correct? I. Bond is a...






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Colby formed a professional corporation along with two other attorneys. They took out loans in the name of the corporation. During the first year, C...






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Macro Corporation was incorporated and doing business in Illinois. It is doing business in various other states including Nevada. Which of the follo...






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Cleanit Corporation was incorporated in Colorado. Cleanit wishes to perform some transactions in other states but does not want to incorporate or ob...






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Which of the following statements is true of professional corporations under the various state laws? I. The professionals in the corporation have pe...






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Which of the following statements is correct with respect to the differences and similarities between a corporation and a limited partnership?