More persons to carry on business as co-owners for profit

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Reference no: EM132267817

1. In a bailment transaction, who holds title to the bailed goods?

The bailor

The bailee

A trustee

A conservator

2. The optimal level of inspection occurs when we catch at least 98.6% of the defects.

True

False

3. Partnerships are the voluntary association of two or more persons to carry on a business as co-owners for profit. Which of the following is true?

a. In years when partnerships do not make a profit, they are not considered "partnerships"

b. New partners are admitted based on a majority vote.

c. General partners are liable for debts and obligations of the partnerships only to the extent of their capital contributions.

d. All partners must agree to participation of each co-partner.

4. When a partnership is formed for a term, and a partner withdraws from the partnership prior to expiration of the term, which of the following is true?

a. The fact that the partnership is formed for a term has no relation to the partner withdrawing.

b. The partner could be liable for damages resulting from withdrawing before the term has expired.

c. The withdrawal has no effect since the partnership is formed for a term.

d. The partner simply cannot withdraw early because the partnership is formed for a term.

5. Which of the following is true of creating a sole proprietorship?

a. No state government approval is required.

b. Special permission must be obtained to receive a sole proprietorship status.

c. Federal taxation is levied upon sole proprietorship.

d. No licenses are required to do business within a city or state.

Reference no: EM132267817

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