Partnerships when compared with sole proprietorships

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Reference no: EM132224147

1. If a business has a general partner who runs the business, the business has what type of partnership?

A-A general partnership

B-An equal partnership

C-A standard partnership

D-A limited partnership.

2. If you were advising a friend about setting up a partnership, which of the following characteristics are advantages of partnerships when compared with sole proprietorships?

A-Partnerships are free of disputes and disagreements.

B-The partners are excluded from business debts.

C-Partnerships are significantly less likely to fail than sole proprietorships.

D- Each of the partners bring diverse perspectives and skills.

3. Carol and her friends are creating a new company that ships monthly subscription boxes filled with beauty products to customers. Carol has multiple partners and she wants to avoid both double taxation and personal liability at the same time. In addition, she wants to pay the partners based on their company ownership percentage. Carol can accomplish her goals by forming what type of business entity?

A- A partnership.

B-A C corporation.

C- A LLC.

D- An S corporation.

4. Xian is creating a B Corporation that takes profits from his business to assist with increasing the amphibian animal population in his home town’s marshlands. Identify what actions Xian will need to take to create his B Corp.

A-Choose a worthy cause to support, obtain a 501(c)(3) business license, and commit to donating a portion of your revenues to that cause.

B-Launch an IPO to quickly raise a large sum of capital.

C-Get a tax ID number, check to make sure no other business has already secured his prefered business name, find a compatible partner to invest in the business.

D-Declare a commitment to creating general public benefit, prepare an annual benefit report and adopt a third-party standard.

Reference no: EM132224147

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