Question 1

2pts

In most states, a sole proprietorship must file a certificate of proprietorship.

Group of answer choices

True

False

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Question 2

2pts

A franchise is an association, which may or may not be incorporated, that is organized to provide an economic service to its members.

Group of answer choices

True

False

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Question 3

2pts

A manufacturer's license to an outside dealer to sell a product creates a chain-style franchise.

Group of answer choices

True

False

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Question 4

2pts

An owner's license of a formula to make a certain product to an outside party is a franchise.

Group of answer choices

True

False

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Question 5

2pts

The parties to a franchise agreement may determine what constitutes the grounds for the termination of their relationship.

Group of answer choices

True

False

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Question 6

2pts

The fiduciary ties that bind an agent and a principal also bind partners.

Group of answer choices

True

False

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Question 7

2pts

A partnership is not usually considered a legal entity apart from its owners.

Group of answer choices

True

False

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Question 8

2pts

A partner owes a partnership and its partners a duty of loyalty.

Group of answer choices

True

False

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Question 9

2pts

A partnership dissolves when a partner ceases to be associated with the carrying on of partnership business.

Group of answer choices

True

False

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Question 10

2pts

In winding up a partnership, creditors are paid before partners receive their capital contributions.

Group of answer choices

True

False