____ space the most common type of business organization in the Untied States. A. Basic Partnerships B. Limited PartnershipsC. Restricted liability companiesD. Sole proprietorships
Which the the adhering to is true the a sole proprietorship? A. A business operated under sole proprietorship cannot be transferred.B. Creditors deserve to recover claims against the company from the solar proprietor"s an individual assetsC. A business operated under sole proprietorship must be owned by one or more people of the same familyD. Huge businesses cannot be operated under single proprietorship
A ___ is a record that is filed v the state that designates a trade name that a business. A. Fictitious company name explain B. Cooperation agreementC. Proprietorship statementD/ nomenclature affidavit
Which the the following is true that a business operating under single proprietorship?A. It requires governmental approval when being transferred.B. It can not be sold as soon as the owner decides to execute so. C. It is not thought about a separate legal entity.D. It has access to unrestricted capital by method of investments.

You are watching: Which of the following is true about a sole proprietorship?

The earnings and losses from a sole proprietorship space reported on _____A. The proprietor"s an individual income taxation filingB. The service license that is renewed every year C. The federal earnings tax filing documentD. The state earnings tax submit document
An plain partnership is additionally known as a ____A. Single proprietorship B. Limited liability companyC. Minimal partnershipD. Basic partnership
Which of the following is true of basic partnership?A. Basic partnerships deserve to be either dental or implied native the conduct of the partiesB. The general partners should be the co- owners of the business C. A service should do a profit in order come qualify together a general partnershipD. Charity organizations and also schools space mostly created from general partnerships.
Which of the adhering to is true in the creation of a general partnership?A. The business name needs to have the names of every the partners. B. The surname selected through the partnership cannot suggest that it is a corporation C. The business name can not be a fictitious nameD. The business cannot operate under a trade name.
How long should a basic partnership have actually existed because that it to it is in in composing under the state of Frauds?A. Six monthsB. One year C. Five yearsD. 180 days
Which of the complying with is true that profits and losses in a basic partnership?A. The proportion of the profit common is same to the general partner"s early investmentB. The proportion of investment governs only the ratio of ns shared and not benefit obtainsC. The general partner that proposed the idea of the company gets many profitD. Losses are shared equally by all general partners
Which that the following is a right to i beg your pardon every general partner is entitled?A. Appropriate to return the capitalB. Best to cost-free and open up speechC. Right to remunerationD appropriate to legal action
Competing with the partnership without the permission of other partners violates a basic partner"s ____A. Duty to informB. Duty the obedienceC. Duty the careD. Duty that loyalty
Which the the adhering to is true the the legal responsibility of an incoming partner?A. An incoming partner is liable for the fan of the partnership only to the extent of his or her capital contribution.B. An incoming partner is equally responsible for every existing debts of the partnershipC. An incoming partner is liable because that the previous fan of the partnershipD. An incoming partner is no liable because that the future fan of the partnership
A. One incoming partner is liable because that the fan of the partnership only to the extent of his or her capital contribution.
A(n) ____ is a partnership developed with no solved duration. A. Partnership for a termB. Ordinary partnershipC. Cooperation at willD. Minimal partnership
____ is a case in i beg your pardon a partner with draws from a partnership without having the appropriate to perform so at the timeA. Winding up B. IndemnificationC. ProliferationD. Wrongful dissolution
A ___ is a human being who forms and operates a new business one of two people by self or it s her or with others.

See more: Grammar She And Her Mother Or Her And Her Mother Or She And Her Mother?

_____ is a kind of company in which the owner is actually the business; the business is no a separate legal entity.
___ declare is a document that is filed with the state that designates a trade name the a business, the name and address of the applicant and also the resolve of the business