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What is the business organization usually being not subject

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Reference no: EM133000992

Problem 1: What is the business organization usually being not subject to a separate income tax?

a. Sole Proprietorship

b. Partnership

c. Corporation

d. Cooperative

Problem 2: A partnership is

a. Any association of two or more persons

b. An association of two or more persons to carry on a business for a profit as co- owners

c. Not a separate legal entity for legal purpose

d. An entity that is always created by following statutory requirements

Problem 3: It is the ability of a partner to enter into a contract on behalf of the other partners.

a. Mutual agency

b. Voluntary association

c. Unlimited liability

d. Articles of Co-Partnership

Problem 4: He is a partner who only contributes his work to the common fund of the partnership.

a. Limited partner

b. Capitalist partner

c. Industrial partner

d. Capitalist industrial partner

Problem 5: Which type of partner does not have unlimited liability?

a. Industrial Partners

b. General Partners

c. Limited Partners

d. Silent Partners

Reference no: EM133000992

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