43. A disadvantage of a sole proprietorship is

a. business profits are taxed to the owner personally.

b. the alternatives for raising financial capital may be limited.

c. the owner has sole responsibility for control and management.

d. the record keeping formalities of the business are within the owners discretion.

e. none of the above are a disadvantage.

44. __________ of the bankruptcy code means the total liquidation and fair distribution of the debtors non-exempt assets to the creditors.

a. Chapter 7

b. Chapter 11

c. Chapter 13

d. Chapter 12

e. Chapter 5

45. A general partnership is

a. an association of two or more persons to carry on a business as co-owners for a profit.

b. an association of two or more companies that help each other with business, but do not share profits.

c. an understanding between a supplier and a distributor.

d. a merger of two corporations.

e. the simplest form of a business organization.

46. A ________ is a business organization in which some of the partners are not liable for partnership debts.

a. no liability partnership

b. limited liability partnership

c. partial liability partnership

d. local liability partnership

e. unlimited liability partnership

47. General partners in a limited partnership

a. have no liability.

b. have limited liability.

c. are personally liable to the partnerships debts.

d. are personally liable to the secretary of state.

e. are not personally liable to the partnerships debts.