Final Exam Fall 2021

Front

In all business organizations, all profits go to __________.

Back

Owners

Front

In sole proprietorships, individuals are _____________ liable for any damages caused.

Back

personally and unlimitedly

Front

General Partnerships have at least _____________ general partner(s).

Back

2

Front

General Partnerships split liability between owners based on _______.

Back

percentage share of ownership

Front

General Partnerships have this advantage over sole proprietorships:

Back

Specialized management

Front

Limited partnerships are also known as __________ partnerships.

Back

Silent

Front

Limited partners are silent because they have

Back

No authority over operations

Front

What does the word "limited" refer to in the partnership?

Back

The limited partners' shielded liability

Front

The Limited Partnership needs at least ________ general partner.

Back

1

Front

If a Limited Partnership has one general partner with 50% ownership and five limited partners, how much authority does the general partner have?

Back

100%