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BUL 5810 STUDY GUIDE EXAM QUESTIONS WITH VERIFIED ANSWERS
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BUL 5810 STUDY GUIDE EXAM QUESTIONSWITH VERIFIED ANSWERS
A corporation may not be a partner in a partnership. - ANSWER false
Under the common law, a partnership is generally considered to be a legal entity
rather than an
aggregate of individuals. - ANSWER False
Partners may elect to have the partnership not be a separate taxable entity so that
only the
partners are taxed. - ANSWER True
A general partnership may be formed for a charitable purpose. - ANSWER False
Tori and Margaret agree to form a partnership. The partnership contract between
Tori and
Margaret does not have to be in writing to be enforceable in the courts. - ANSWER
True
What is considered "partnership property" is determined primarily by the partners'
intentions. - ANSWER True
Sharing of gross returns establishes a partnership. - ANSWER False
In some corporations, only the shareholders are taxed; in others, both the
corporation as an entity
is taxed and the shareholders are taxed as well. - ANSWER true
A partner cannot assign his interest in the partnership without dissolving the
partnership. - ANSWER false
Under the RUPA, no person may become a member of a partnership without the
consent of all
the partners. - ANSWER True
,A partnership name may be the name of all the partners, some of them or any one
of them. - ANSWER True
Under the RUPA, a partnership agreement may be written or oral, but not implied. -
ANSWER False
The UPA was amended in 2016 as part of the Bring Harmony to Business Act. -
ANSWER False
A limited liability company (LLC) provides limited liability to all of its owners and
permits all of
its owners to participate in management. - ANSWER true
The form of business association known as a partnership can be traced to ancient
Babylonia and
classical Greece and was used in England during the Middle Ages. - ANSWER
True
Corporations today outnumber unincorporated business associations. - ANSWER
false
All states have authorized the formation of limited liability companies - ANSWER
true
All 50 states have adopted the Revised Uniform Partnership Act. - ANSWER false
The trustees are generally not personally liable for the debts of a business trust. -
ANSWER False
Because the statute of frauds does not apply expressly to a contract for the
formation of a
partnership, usually no writing is required to create the relationship. - ANSWER
True
A joint venture is necessarily of short duration. - ANSWER False
A sole proprietorship is formed without any formality, is not a separate taxable
entity, is dissolved upon death of the owner, and has unlimited liability for the
owner. - ANSWER True
,The newly formed Tavin and Shane Partnership cannot commence business until it
meets its state's required minimum amount of capitalization. - ANSWER False
The proportion in which partners bear losses depends upon their relative capital
contributions. - ANSWER False
In all types of business entities, the owners can fully share in the management and
control of the
business. - ANSWER False
Income from some types of business entities is taxed twice. - ANSWER True
General partnerships are frequently used in finance, accounting, real estate, and
law. - ANSWER True
If no specific agreement exists, the partners bear losses in the same proportion in
which they
share profits. - ANSWER True
The choice of the most appropriate form of business enterprise cannot be
determined without
considering the particular circumstances of the owners. - ANSWER true
A judicial lien against a partner's transferable interest in a partnership is known as
a(n):
(A) legal aggregate.
(B) delegation of assets.
(C) charging order.
(D) assignment. - ANSWER (C) charging order.
, A partner who has no right to participate in control of the business and who has
limited liability
is a:
(A) general partner.
(B) nominal partner.
(C) secret partner.
(D) limited partner. - ANSWER (D) limited partner.
Which of the following is NOT an advantage of a partnership?
(A) Partners' income taxes may be less than the income taxes would be on a
corporation.
(B) Each partner has limited liability.
(C) It is possible to bring together more managerial skills than in a sole
proprietorship.
(D) It is possible to bring together more capital than in a sole proprietorship. -
ANSWER (B) Each partner has limited liability.
A distinguishing characteristic of a business trust is that:
(A) the trust estate is devoted to the conduct of a business.
(B) each beneficiary must have the consent of all the other beneficiaries in order to
sell or transfer
his interest in the trust.
(C) the trustees and beneficiaries share the functions of management and control.
(D) the trust can be established with no formality. - ANSWER (A) the trust estate is
devoted to the conduct of a bus
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