A sole proprietor must meet state licensing criteria:

1.A sole proprietor must meet state licensing criteria:

a)whenever any type of new business is

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begun

b)only when the business is one that the state regulates

c)only when the business is one that the federal government regulates

d)only when the business exceeds $1,000,000 in assets

2.If a sole proprietor dies leaving behind an insolvent business, the debts of the business:

a)will be forgiven

b)must be paid from the estate of the deceased

c)must be satisfied only from the assets of the business

d)none of the above

3.Ron, Sandy and Tom want to enter into business together with the least amount of paperwork. It is very important to them to pay the least possible amount of federal and state taxes and to get the business off the ground in the shortest possible amount of time. Based on these facts, they should organize their business as a:

a)a sole proprietorship

b)a partnership

c)limited partnership

d)corporation

4.After final dissolution of a partnership, each partner:

a)is no longer personally liable for partnership debt

b)remains personally liable for partnership debt

c)remains liable for partnership debt for a 90-day period

d)none of the above

5.A partner’s duties to the partnership, including the duty to perform personal services and to manage the partnership, are:

a)delegable

b)non-delegable

c)assignable

d)non-assignable

6.If a partner enters into new contracts on behalf of the partnership during the winding up period:

a)only the partner will be bound on the contract

b)only the partnership will be bound on the contract

c)both the partner and partnership will be bound on the contract.

d)neither the partner nor the partnership will be bound on the contract

7.Partners have the right to inspect partnership books:

a)only pursuant to a court order

b)once a year

c)once every quarter

d)at any time

8.Which of the following can cause the dissolution of the partnership absent an agreement to the contrary in the partnership agreement?

a)the unanimous consent of all partners to dissolve the partnership

b)the consent of 2/3 of the partners to dissolve the partnership

c)the consent of a majority of the partners to dissolve the partnership

d)the demand of a single partner to dissolve the partnership

e)all of the above

9.If a limited partner gets involved in directly managing the business:

a)she takes on the unlimited liability of a general partner

b)the partnership will be dissolved

c)she is guilty of a crime

d)all of the above

10.If a limited partnership agreement states that general partners may not withdraw, then:

a)general partners are unable to withdraw

b)general partners may still withdraw but are subject to contract damages if they do so

c)general partners may still withdraw but will be guilty of a crime if they do so

d)none of the above

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