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1.
(p. 772)
A sole proprietor is considered a separate legal entity.
2.
(p. 774)
A limited partnership is one in which the partners share management responsibilities
equally, but some partners are limited in regards to the amount of profit distribution to which
they are entitled.
3.
(p. 774)
A limited partnership and a limited liability partnership refer to the same type of business
organization.
4.
(p. 776)
Members of the board of directors of a corporation are elected by shareholders.
5.
(p. 776)
Officers of a corporation are hired by the shareholders.
6.
(p. 776)
An S corporation cannot have more than 75 shareholders.
7.
(p. 778)
For purposes of jurisdiction, an LLC is considered a citizen of every state in which its
members reside.
8.
(p. 780)
Cooperatives must be incorporated.
9.
(p. 783)
A franchisee is the owner of a trade name or trademark who is a party to an arrangement,
whereby another party sells goods or services under the trade name or trademark.
10.
(p. 781)
The joint venture is not automatically terminated when one of the members dies.
11.
(p. 772)
A person who decides to go into business on his or her own without further formality
forms a[n] _____.
12.
(p. 772)
Which of the following is
false
regarding a sole proprietorship?
13.
(p. 772)
Which of the following is the most popular form of business ownership in the U.S.?
14.
(p. 775)
Which of the following is
false
regarding limited liability partnerships in Japan?
15.
(p. 773)
Which of the following is a voluntary association between two or more persons who co-
own a business for a profit?
16.
(p. 773)
Which of the following governs partnerships in most states in the absence of an express
agreement?
17.
(p. 773)
Which of the following is
false
regarding a general partnership?
18.
(p. 774)
Which of the following is
not
a type of partnership?
19.
(p. 774)
In which of the following, if any, may investors share in profits but not in management
responsibilities while avoiding personal liability?
20.
(p. 782-783)
Which of the following was the result in
Meyer v. Christie
, the case in the text
involving whether an agreement to enter into a joint venture existed?
21.
(p. 775)
Which of the following is distinguishable from other forms of partnerships because the
partners' liability for professional malpractice is limited to the partnership?
22.
(p. 774-775)
Which of the following is
false
regarding a limited partnership?
23.
(p. 776)
Investor-owners of a corporation are called which of the following?
24.
(p. 776)
Which of the following is responsible for managing the business of a corporation?
25.
(p. 776)
Which of the following is responsible for running the day-to-day business of a
corporation?
26.
(p. 776)
Which of the following is true regarding corporations?
27.
(p. 776)
Assuming requirements are met, which of the following, if any, is a way that a corporation
can avoid double taxation?
28.
(p. 776)
Which of the following is true regarding S corporations?
