Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Business Continuity Global Best Practices

Authors: Rolf Von Roessing

1st Edition

1931332150, 978-1931332156

More Books

Students also viewed these Accounting questions