Questions

1. What type of exposure to personal liability does the owner of a sole proprietorship have?
2. Is a sole proprietorship taxed at the personal rate of the owner?
3. all of the partners in a limited partnership have joint and several liability for the debts of the partnership?
4. What involvement do the partners in a limited partnership have in the day-to-day business of the partnership?
5. Can a partnership exist without the parties agreeing formally to partnership?
6. What is the term used to describe the number and class of shares a corporation is authorized to issue?
7. Which of the following are elected to their position in a corporation: a) Shareholders b) Officers c) Directors
8. In what situations would a corporation use a number name?
9. What is the test to determine if a business is being carried on as a partnership?
10. Can an individual be a shareholder, director, and officer at the same time?