BUSA 364 TEST 1 QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS) LATEST UPDATE
4 views 0 purchase
Course
BUSA 364
Institution
BUSA 364
BUSA 364 TEST 1 QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS) LATEST UPDATE
Where can you find info about registering business in QC? - Answer- ALPE
Where can you find the requirements for the selection of a business name? - Answer- ALPE
Sole proprietorship start up - when must the de...
BUSA 364 TEST 1 QUESTIONS AND
CORRECT ANSWERS (VERIFIED
ANSWERS) 2024-2025 LATEST UPDATE
Where can you find info about registering business in QC? - Answer- ALPE
Where can you find the requirements for the selection of a business name? - Answer-
ALPE
Sole proprietorship start up - when must the declaration of registration be submitted? -
Answer- -filed no more than 60 days after the date on which registration becomes
compulsory
-no more than 30 days after the date on which registration becomes compulsory for
tobacco and artificial tanning salons
-ALPE
Sole proprietorship start up - how much does registration cost? - Answer- $38 regular,
$57 priority
Sole proprietorship start up - how much is annual registration fee? - Answer- $38
Sole proprietorship start up - what's the fee to update the annual declaration? - Answer-
no cost or $19 (priority)
Sole proprietorship liability - Answer- -no distinction b/w the sole proprietor and their
business
-unlimited personal liability for all debts
Sole proprietorship ownership - Answer- sole proprietor owns 100%
sole proprietorship profit - Answer- -sole proprietor entitled to all profits
-profits are considered personal income and are taxed as such
sole proprietorship management - Answer- sole proprietor has complete managerial
control over their business
sole proprietorship transfer - Answer- ownership cannot be transferred, but the assets
can be sold
, sole proprietorship termination - Answer- -terminates when owner dies
-terminates when owner stops doing business
-file declaration of cancellation (no cost, $18.5 priority)
sole proprietorship advantages (4) - Answer- 1. simple start up
2. low start up costs
3. easy to dissolve
4. complete control
sole proprietorship disadvantages - Answer- 1. unlimited liability
2. lack of continuity
3. financing difficulties
4. good will difficulties
partnership - Answer- enterprise or business venture by 2+ individuals
characteristics of the partnership (7) - Answer- 1. start up
2. liability
3. ownership
4. profit
5. management
6. ownership transfer
7. termination
the partnership start up - who must register? - Answer- partnerships must file a
declaration of registration (ALPE)
the partnership start up - what info must be stated in the registration declaration? -
Answer- found in ALPE
the partnership start up - when must the declaration of registration be submitted? -
Answer- same timeframe as discussed for the sole proprietorship
the partnership start up - how much does registration cost? - Answer- $58 regular, $87
priority
the partnership start up - what is the annual registration fee? - Answer- $58
the partnership start up - what is the fee to update the annual declaration? - Answer- no
cost or $29 priority
the partnership - liability - Answer- -no distinction in law b/w the partners and the
business
-the partners have unlimited liability for the debts of the partnership
-the partners are solidarily liable for the debts of the partnership
-CCQ
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Scholarsstudyguide. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.39. You're not tied to anything after your purchase.
