1. Which of the following statements is true about a partner in a general partnership?

Multiple Choice

Each partner is liable for the partnerships debts but only in the amount of the partners investment.

Partners are protected from personal liability regarding the partnerships debts.

Each partner is personally liable for the partnerships debts.

Partners are only liable for the partnerships debts if they are responsible for that debt.

2. Which of the following is not a type of partnership?

Multiple Choice

Cooperative

Limited partnership

Specific partnership

Joint ventures

3. In a limited liability partnership, all the partners assume what kind of liability?

Multiple Choice

Only the partner responsible for the loss is liable to the extent of the partnerships assets.

All the partners assume liability for one partners professional malpractice, but only to the extent of the partnerships assets.

All of the partners assume personal liability for one partners professional malpractice.

Only the partner responsible for the loss assumes liability for his or her professional malpractice.

4. Which of the following forms of business is considered a separate legal entity?

Multiple Choice

A cooperative

A general partnership

A corporation

A sole proprietorship

5. Which of the following forms of business is considered a separate legal entity?

Multiple Choice

A cooperative

A general partnership

A corporation

A sole proprietorship