usace 33% 3:52 PM Read Only - You can't save change. .. 25) The person who assumes full co-ownership and joint liability in a partnership is a A) general partner B) limited pariner E) sole proprietor 26) A unincorporated company that is owned by two more people is a. A) partnership B) limited liability company (LLC) C) S oorporation D) subsidiary El sole proprietorship 2) Under a partnership agreement, the partners run the day-to-day operations of the business and have unlimited liability for the partnership's financial obligations. A imited B) special C) general Di unlimited E) master 28) Roger helps his brothers small business by contributing money, but he lets his brother take care of the daily operationsthe business. and is protected from unlimited liatility. Roger is likely a A slockholder B) general partner C) employee D) sole proprietor E) limited partner 29 Many law firms are established as in which the partners have unlimited liabilty for their own actons but only limited liability for the parinership as a whole A sole proprielorships B) master limited partnerships C) general partnerships D) limited partnerships E) lmited liability paitnerships 30) All Q1 the tallowing are advantages ol partnerships with the exceplion d A simplicity in establishing a business B) more resources to launch and operate the business C) sharing the costs of facilities and support staff D) unlimited liability E) a single layer of taxation 31) A written patnership agreement should address all cl the following EXCEPT B) profit sharing percentages C) dispute resolution prooedures D) sucoession and exit strategies E) classes of slock 32) A corporation is owned by shareholders and under the law . A) can have no more than 1,000 shareholders B) has both general and limited parlners C) must have multiple classes of stock D) cannot own property or conduct business E) is a legal entity, distinct from any individual persons 33 The stock of a prwale corporation A) B) is traded onthe New York Slock Exchange is not mada available for purchase by the pubic 4, of 9 C) subjects the shareholders to unlimited liabiy D) pays no dividends E) None of the above